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