Can anyone give me an explanation as to what/how deadline cap space is, accrued, used for, and why the hawks have 7mil of it?

I think the way its calculated is that a players cap hit is divided by the number of days in the season, and everyday they are on the roster it adds to the year end cap hit for the team. Which would mean that Chicago would could add a player with a cap hit of about 7 million, because the remaining cap hit for the year on the contract when combined with the cap hit on the Chicago roster currently has wouldn't end up over the cap at the end of the year.