If McDaniels is to sign an offer sheet with someone else, the maximum that the first season can be worth is $5.46 million (the mid-level exception for 2015-16), and the maximum the second season can be worth is $5.7 million (the mid-level exception plus 4.5 percent). If a team chooses to give him that much money in the first two seasons, they will then have opportunity to give him a much bigger salary jump in the third season.
Still, a max seems unlikely for McDaniels. As mentioned above, he's having a good -- not great -- rookie season. Because of that, a more comparable player might be Wes Matthews, who currently plays for Portland after signing an offer sheet in 2010 for five years, $32 million (slightly less than the full mid-level exception, making this an Arenas-compliant deal that didn't take advantage of its salary leaps) after averaging a similar 9.4 points per game in his rookie season with the Jazz.
However, there are some distinguishing factors here that make the situations different. First, five-year deals are now outlawed by the CBA for non-full max players. Second, Matthews had a 59 true-shooting percentage compared to McDaniels' 50 true-shooting percentage, meaning he was considerably more efficient as a shooter and a much easier to fit on offense. Also, the Blazers were able to insert a large signing bonus in the first year to dissuade the cash-strapped Jazz from matching the deal, something an opposing team will be unable to utilize due to Philadelphia's barren cap sheet.
But on the plus side for McDaniels, he does have the aforementioned spectre of TV money in his favor. Could a team decide to utilize the Arenas provision and give him a big deal? Would a team decide a $10 million third year (or even fourth as well) is worth it? Remember, they would only be on the hook for a cap hit of $7 million if they signed McDaniels to a three-year, $21 million deal, which isn't really all that different from the $5.4 million they would pay him anyway. An offer like this -- above and beyond the mid-level exception -- would also take teams that only have the MLE to use and don't have $7 million in cap space out of the running. So it could behoove someone to take advantage of the Arenas rule, but only slightly in order to corner the market.