The latest is that Channing is holding out for the full mid-level exception, which would be about $32m over 5 years.
For me, it's a no brainer. Pay the man:
6'11" guys who can play either PF or C and shoot the ball like that don't grow on trees (or on bushes or cacti). It's a rare skill set and his ability to shoot the ball is a big reason the Suns were so efficient offensively
Defensively, Frye isn't great, but against his natural position (PF) or second line centers, he did just fine
His energy and effort was as consistent as anyone playing over 20 minutes per game
This is what big men cost. Okur, Bargnani, even Mark Blount all got much bigger deals than this
His career numbers suck but that's because he was never in a system that maximized his talents. There's a risk last season was a fluke, but based on his attitude and character, there's a much greater chance he continues to improve his inside and face-up games and defense
It's a low risk signing. Even if Frye ends up only playing 15 minutes per game off the bench, it's not a horrible contract to have to live with or unload. Two years of Amare would be more than 5 years of Frye