He was going to move from the third guard to the fifth, behind Book, Beale, Gordon, and Goodwin (who has value as a defensive stopper). Even billionaires can't justify an extra $26.4 million for a fifth guard (and that includes the signing of Bol Bol).
The Phoenix Suns' creativity in getting better with restrictions in place has already brought benefits this offseason.
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Cam's career would have taken a dive as well. He would have sat on the bench most of the time. This was the correct move for everyone.
A $26.4 million savings is much more than a salary dump. In fact, trading Payne for Bol straight up might make sense just from a basketball perspective given the make up of the team. They did that and save a boatload of money as well.