the main issue is years - on both parties here
players taking up a certain percentage of the cap to maintain the floor? cool.
if you're the bulls, why commit 5 years to that block of spending for a guy who's made essentially no progress. teams sign bloated 1+1 deals all the time to maintain the salary floor. typically for established guys on top of that.
if you're the player, 5 years basically says you're comfortable and you've no plans of ever betting on yourself. dude was a top 5 pick and he's running from his own money.