Off the charts dumb I guess as he has just signed restricted free agent Rudy Gay to a max contract. Now Rudy Gay is a decent player, but certainly not a max guy, but that's not the reason why Chris Wallace is so dumb. Being that Gay was a restricted free agent, the Grizzlies could match any offer made to him and those offers also could not approach the $81.6 million he's getting, because of Bird rights rules. So Wallace had three options. He could sign Gay to a reasonable extension, he could could let him leave, or he could match any offer another team made (which again would have been significantly less than $81.6 million). Wallace somehow created a 4th option where he just decided to pretend Gay was unrestricted and offer him more. It's like going in to buy a used car and the sticker says 9,000. The dealer will totally sell it for 7,000 and then is floored when you offer 11,000. Amazing.
Well actually not all that amazing as this is the man who gave away Pau Gasol to the Lakers to save money only to use that money on serial head case Zach Randolph (He did get to ride in a parade though). Then this past year he signed Allen Iverson to be a backup guard for their team without ever mentioning that to AI, who adamantly refuses to be a reserve. He also offered high lottery picks Mayo and Thabeet to to Warriors for Monta Ellis (who the Warriors just want to get rid of for salary reasons) and turned down an offer of Al Jefferson for Zach Randolph. For more Chris Wallace awesomeness check out TB's column from back in the day.