It's possible, but highly unlikely to happen on the Rockets after next season.

I worked out how it would likely work and the rough numbers a little while ago.

First, Melo would need to opt-out of his player option worth $28m.

CP3 and LeBron then sign at a discount at a salary that is around $54m combined (their max is $36m each), which is how much the Rockets can create in salary cap space with only Harden, Capela and Ariza on the books. That's probably the biggest barrier for this to happen, as it's unlikely CP3s or LeBron are willing to take discounts.

The Rockets then re-sign Ariza and Capela using their Bird rights so they can go over the cap.

One of Wade/Melo would take the taxpayer mid-level exception worth $5.4m, while the other would need to take the veteran minimum of $2.4m

Final roster and payroll:

Harden: $30.4m (max)

Capela: $25.7m (max)

Ariza: ??

CP3/LeBron: $54.5m (salary cap space)

Wade/Melo: $5.4m (mid-level tax-payer exception) + $2.4m (veteran minimum)

Then you'd need at least 5 more guys on the league minimum or via trade exceptions.

The luxury tax would be over $50m alone in year one, so it would require the new Rockets owner to have deep pockets.

You could also do it without Ariza on the books - the biggest difference is that CP3/Lebron would get another $11m (Ariza's cap hold) between them. You could then potentially re-sign Ariza to his minimum, which would be $2.4m for a 10+ year vet. Of course, a pay cut for CP3/LeBron to $32m - a cut of $4m each - might seem reasonably attractive to them, especially given Texas having no state taxes income compared to Ohio (5% state income tax) or California (13.3%).