The Watson/Elson part isn't quite true. Watson makes $1.229M and Elson makes $1.146M, but the Jazz only pay them $854,389 each (the league pays the rest). All players with 2 years experience or more cost their teams the same $854,389, so the only way the Jazz could have saved money on those two roster spots would be to pick up rookies ($473,604) or players with 1 year experience ($762,195). Personally, I'd take Watson over a rookie/soph PG about any day given the small difference. Same probably goes for Elson, but either way, I don't think these two figure into the Matthews decision process.The Jazz right now are paying the equivalent of close to Matthews’ salary this year for the collection of a washed-up Bell and scrubs like Watson and Elson, when matching Wes plus a couple of cheaper 3rd stringers would’ve probably been a better deal.
The real question boils down to this: is Matthews worth $5.5 million more than Bell this year? With luxury tax penalty, Matthews would have cost the Jazz $11.5M this year (and actually more cash than that, due to upfront payments). Bell will cost them $6M including tax.