1) Use a big chunk of the TPE to get a team with financial concerns to give us a pick, by taking someone off their hands that has an expiring contract, ie Memphis

Example - Marco Jaric plus pick for 7.625 million of TPE.

2) Trade a protected future pick plus 2.2 million of TPE to New Jersey for Terrence Williams.  

TWill seems to be deep inside New Jersey's doghouse.  He is absolutely dominating the D-League right now.  I remember during his draft year, many readers and Franchise were loving this guy.

3) This would have nothing to do with the TPE, but here is one other move that I would like to see.

 Peja to the Knicks for Eddy Curry (expiring) and Anthony Randolph.

I think Anthony Randolph will probably be a bust, but he has so much potential that I would be interested in adding him just in case.  He only has one more guaranteed year on his deal after this, and it is for less than 3 million.  The Knicks do not even play him (because he has been making a ton of bonehead mistakes).  They are also obsessed with having money to spend next season.  This would clear another 2.9 million for them.