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It's not hard to figure out roughly what they're going to ask for. I haven't actually did the math but it's usually like 10-20% more than whatever your default offer is on the arbitration screen.
I'm not a fan of a hard cap on the extension budget though. If you can sign a star player to a long-term team-friendly contract the owner shouldn't be worried about what your hypothetical budget looks like with part of a season and a whole off-season to move salary around. Not much you can do it about it at the moment but go into commissioner mode.
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