yes it does -
Odom = $14,148,596
to match the Hawks have to be credited with sending out $11,238,876.50 in salary. That multipled by 125% + $100,000 = Odom's $14,148,596
Josh Smith at $10,962,117 starting salary counts as $5,481,058.50 to the Hawks (technically i'm not sure if the NBA rounds up or down the 50 cents - I'll have to look into that)
Speedy is $5,757,818
For the Lakers their incoming salary needs to be less than or equal to Odom's salary * 125% + $100,000
The combination of Smith + Speedy = $16,719,935
That easily works for the Lakers since the max they can take in for Odom is $17,785,745
For the Hawks, the combination of Smith accouting for byc ($5,481,048.50) + Claxton totals $11,238,876.50
As I noted above - that's the number the Hawks need to send out
In other words - it's legal.