I would say the league wouldn't allow it because it's clear cap circumvention.OK, sort of a random question here, but would this be allowed/possible?:
Kane signs for a hefty sum with a non-contending team. That team immediately flips him to a contending team, while retaining a lot of the salary. Contending team gives non-contending team draft picks to retain the salary.
If Kane wants to get paid, I'm guessing most of the contending teams are at least in viewing distance of the cap, and might not have the space. Could this be a way around it?
Now, if a bottom feeder signed him and then traded him at the deadline, I'd say that would be fair game. But I don't think they'd allow an immediate sign and trade scenario.