They will pay the $55M this year.
They can do a 5 year deal at $300M and $220M guaranteed, $100M sign on Bonus. On year 5 he is cut, traded or extended.
2025 - $40M current cap hit. $5M Salary, $10M sign on for a total of $55M. Added cap $15M
2026 - $20M salary, $30M bonus = $50M
2027 - $25M salary, $30M bonus = $55M
2028 - $30M salary, $30M bonus = $60M
2029 - $40M Dead cap hit - cut or traded = $40M
Remaining $80M never gets paid out in 2029, it is not guarantee. Basically Plays 4 years, paid out over 5, at an average of $55M or $220M guarantee. Would still owe the current $40M in Dead cap space in 2029.