9:56am: Pargo's deal with CSKA Moscow is actually worth $5.2MM in total, for two years, agent Brad Ames tells Adrian Wojnarowski of Yahoo! Sports (Twitter link). For a player whose largest NBA contract was a two-year, $2MM pact, that's a pretty strong incentive to head overseas.
TUESDAY, 8:13am: CSKA Moscow has officially announced Pargo's signing, as passed along in English by Emiliano Carchia of Sportando.
FRIDAY, 2:04pm: Pargo's deal with CSKA Moscow will be a two-year pact that he intends to play out, tweets Shams Charania of RealGM.com. The wording of Charania's tweet suggests Pargo will earn $2.2MM in total, rather than annually, which would make more sense.
10:00am: After having been released by both the Cavaliers and 76ers during the 2012/13 season, Jeremy Pargo appears to be lining up a deal to play overseas. According to Emiliano Carchia and David Pick of Sportando, Pargo has agreed to terms with CSKA Moscow. Pick tweets that the deal would pay the point guard $2.2MM, which almost certainly exceeds any salary he'd land in the NBA.
Pargo, the younger brother of Jannero Pargo, appeared in a total of 39 games for the Cavs and Sixers in '12/13, averaging 6.8 PPG and 2.4 APG in 16.8 minutes per contest. His most successful stretch of the season came when he was subbing in for the injured Kyrie Irving in Cleveland, recording double-digit points in seven games — that run included a 28-point performance against the Sixers, the team he'd join a few weeks later. The 27-year-old is also no stranger to international ball, having previously played for two Israeli teams from 2009 to 2011.
Assuming the deal is finalized, Pargo will be far from the first player to make the jump from the NBA to CSKA Moscow. Past and present NBA veterans such as Andrei Kirilenko, Alexey Shved, Sonny Weems, and Nenad Krstic have played for the European powerhouse in just the last couple years.