Heading into free agency - teams can start negotiating on Wednesday - Warkentien said: "It's going to be a more conservative poker table this year. Everyone's going to play a little tighter; they're going to play fewer hands and play a little closer to the vest."

Translation? This is an underwhelming crop of free agents, and a lousy economy means fewer mega-

dollar signings.

"The economic tsunami is reality for every one of our businesses," said Warkentien, Denver's vice president of Basketball operations. "It'll be different than it was last summer. Check your 401(k), 201(k), whatever it is now. It's going to be different."

Only a handful of teams - Memphis, Portland, Detroit and Oklahoma City - are under the salary cap and therefore have enough financial flexibility to go after a big-name free agent. Milwaukee freed up some space, too, with its recent trade of Richard Jefferson. As for the Nuggets , they made a $2.7 million qualifying offer to restricted free agent Linas Kleiza, and their top priority is re-signing reserve Chris Andersen, who could command around $5 million a year. Andersen wants to stay in Denver, so the two sides will likely negotiate an agreement, with Denver perhaps giving "Birdman" an extra year on his contract to reduce the cap hit next season.

But league-wide, the days of $116 million contracts for the likes of Rashard Lewis, the well-documented splurge by Orlando last year, are over, at least until the economy shows life.

Next summer, Olympians LeBron James, Dwyane Wade and Chris Bosh, among others, will be on the free-agent market. Teams such as New York and Miami are strategically staggering expiring contracts to make room for the potential signing (or re-signing) of a superstar. Other teams, as Nuggets executive Rex Chapman pointed out, picked young players in the draft last week "looking down the road" to save for the future. Teams are saving now, to spend later.

It's a strategy that irks coach George Karl of the Nuggets .

"The free-agent list (of 2010) turns you on a little more, but as a coach, I don't understand that philosophy," he said. "How do you lose to win? How does that work? (A front-office executive) says, 'We're going to lose a year or two and then ?' But as I coach, I say, 'You're not losing, I'm losing!' I'm sure there will be some teams who have maneuvered to try to rebuild by going through the bottom, building salary cap space and assets, though I'm not sure I believe that philosophy. I think it's a philosophy that gets coaches fired and general managers extensions."

As for the teams looking to spend now, Orlando's 6-foot-10 forward Hedo Turkoglu is one of the more alluring free agents, thanks to his eye-popping postseason performances. He opted out of a contract that would have paid him $7.3 million this season; he could now get up to $10 million a year. Other names that may get huge contracts include Utah's Carlos Boozer, Chicago's Ben Gordon, Houston's Ron Artest and Lamar Odom of the Lakers. Don't look for any of them to break the bank, as in past seasons.

"As the summer goes on, there's going to be a lot of players disappointed with what money's left to spend," Karl said.

Benjamin Hochman: 303-954-1294 or bhochman@denverpost.com