Here's what we know so far:

Contrary to reports from this morning, Batum has not actually signed the offer sheet. However, as best we can tell, it has been made.

The reason for this appears to be to give Portland one last chance to think about a sign-and-trade deal with a 100% guarantee that an offer sheet is doable and will get done if a trade doesn't go through. The argument that the Wolves won't actually make an offer in the end is over. Darko's gone. The paper is on the table. All it takes is Batum's signature. Glen Taylor weighed in today personally, saying "We're going to call their [Portland's] bluff." Pending a trade agreement, he stated he expects Batum to sign the offer sheet today.

As for the finances, this is what S-n-P has arrived at: by axing Darko, Miller, and Webster, you get down to about $43 million in salary:

Which leaves about $15 mil in space on a roughly $46 mil offer.

10, 11, 12, 13 would be rough structure of offer. That leaves them with $5 mil and 11 roster spots if he signs. With Roy, Shved, and backup big still on the table.

They still need to waive Webster to make it all happen. He’s got a $5.7 mil deal that would put them at just over $48 mil, which is right at the offer for Batum, therefore really not allowing for extra signings without something else. Plus, the cap hold for the offer.

The question, of course, is have we actually cut Miller and Webster? It doesn't look like it. But the reports say pretty explicitly that the offer has been submitted, and only mention cutting Darko as the means to do it. Something is weird there.

Also, even assuming all three are gone and the Batum deal goes through, something else will still need to happen to allow the team to officially sign Roy, Shved, and a big man (Steimsma or Hill). That probably means either Ridnour or Barea are getting traded.

At any rate, the offer to Batum can be made, for real. It's just a big headache at this point. Like anitachampionship said in the previous thread, there is really only one proper response to this madness at this point:

Yeah. That just happened. Oh Portland, what a wonderful gift you gave us in this kid.