If we were talking about a less restricted commodity, I would agree. But in this case, there is only one Alex Tuch. Market Value is that point at which the buyer and seller agree upon a price. If Vegas doesn't agree on a price less than a 1C, then you can't tag his market value as below that. in fact, as many have mentioned here, he would be "Not for sale." Unless someone comes up with a good 1C the team could fit within the cap. They there may be a transaction and that would establish market value.
For example, how could you say your (hypothetical here, not putting words in your mouth) offer of a journeyman center and a second is market value when the team would say "no" to that?