If approved by the league, the team would receive up to $5.7 million of salary that doesn't go against the cap. The team could conceivably use that cap space to facilitate a trade or sign a player, should they deem any unsigned players worthy of that much money.
No word has surfaced yet on who the Rockets hope to pick up. If the Rockets are granted the exception, Morey would have 45 days to complete a transaction with it. It would greatly increase their flexibility at the trade deadline, which is the main reason the Rockets are chasing it in the first place.