Yes, and they've been well above the cap this entire time, and above the luxury tax. They were only $17 million below the first apron. Now they are above the first apron and below the 2nd apron. The tweet I linked shows that, and there are tons of articles explaining this. The main point is that they are hard capped at the 2nd apron now because of the LaMelo Ball trade. And they are only $9.6 million below the second apron once these deals go through.I think we're conflating traditional cap space with luxury tax/apron flexibility. The Bird rights allowed them to sign Ayo without using available cap space.
Salary Cap Implications of Wolves' LaMelo Ball Trade — and What's Next?
Tim Connelly still has work to do after landing Ball in a blockbuster trade on Thursday.