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Not only does a team get an expiring contract, but they get one which reduces costs in a hurry, and is more valuable than a standard expiring contract. So the Raps haven't cut Alvin yet, that is what makes his contract valuable. They'll wait to deal him, then the team who gets him will do the cutting.
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Thanks for info. I think I kind of understand the new NHL cap management.... but I now realize thow clueless I am on the NBA version. You mean that Alvin's contract could actually have "positive" trade value !!! Wow. Where do I sign up for NBA 101 ?