CBBI
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Russell's cap hold is not $21M. It's $9.16M - the amount of his qualifying offer.
So the CBA is designed so teams essentially can't sit on their first round picks coming off rookie deals on cheap qualifying offer amounts and use that money to sign other people.
The CBA gooses those cap holds significantly. 300% of their previous salary if their prior salary was below league average; 250% of previous salary if prior salary was above league average.
In Russell's case, his cap hold is $21,059,094.