I think the discrepancy in reporting about Camby's salary is due to the presence of 2M worth of "achievable bonuses" in his contract:
which do count against the salary cap. According to the same article, the Clippers are 2M under the cap.
EDIT: Just read the following in the Rocky Mountain News:
"Camby's base salary next season is $8 million and his cap number is $10 million because of the $2 million in games-played bonuses he got last season. So assuming Camby, 34, plays in 65 or more games next season, the Nuggets would have saved $20 million when the dollar-for- dollar tax is considered.
Camby, whose contract expires after he makes a base of $7.65 million in 2009-10, also has statistical bonuses that kick in if he averages 10 points, 10 rebounds and two blocked shots.
Considering he earned $1.25 million for such bonuses in 2006-07, the Nuggets potentially saved more than $22 million for next season."
The games played bonus should help allay concerns (not my own) that Camby won't try to tough out injuries. More interesting to me is the 10/10/2 performance bonus, which Camby missed last year because he only averaged 9.1 pts. He shot a respectable 45%, so clearly he's enough of a team player that he didn't selfishly jock up a couple more shots a game to make sure he hit his bonus.
btw, someone asked in a comment thread if we have the mid-level exception (MLE). According to Larry Coon's FAQ, the way it works is that every team under the cap is charged with a full MLE slot unless they specifically renounce their MLE, which I don't believe the Clippers had to do in order to sign Baron.
So I think that the Clippers have the full MLE (5.8 M) to use on free agents.