Here is how things are projecting:
As reported by MC, Pargo's contract won't become fully guaranteed until February 10 so the Hawks could choose to waive him then to get themselves back under the luxury tax threshold. By that time Kirk Hinrich will be expected to be back. I haven't confirmed it but this could also be the case with Magnum Rolle's contract which would give the Hawks a little more flexibility.
Pargo's one-year, veterans' minimum contract provides the Hawks some flexibility to avoid a luxury-tax payment at season's end. His contract is among those that won't become guaranteed until Feb. 10. The unpaid portion of non-guaranteed contracts does not count toward team salary if players are waived by that date.
This is a similar situation to the one Damien Wilkins faced last season. Atlanta waived him shortly before his contract would become guaranteed and then signed him to two consecutive 10-day contracts before finally signing him for the remainder of the season.