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AUGUST 7TH, 3:24pm: The deal is official, the team announced.
JULY 14TH, 8:37am: Denver hasn’t made any formal announcement, but the signing has taken place, as the RealGM transactions log shows.
11:15am: It’s worth $13.5MM over the three years, according to Marc Stein of ESPN.com (Twitter links). Grantland’s Zach Lowe suggests that a partial guarantee is on the final season (Twitter link). Stein also indicates that Nelson has already put pen to paper, though the team has made no official announcement . That, combined with Nikola Jokic‘s pact, would leave less room for the starting salary in Wilson Chandler‘s new deal. We discussed some of the numbers involved for Chandler right here.
JULY 13TH, 10:39am: The Nuggets and Jameer Nelson have an agreement in principle on a new three-year deal, reports Shams Charania of RealGM (Twitter link). The point guard last month turned down a player option worth nearly $2.855MM that would have kept him under contract with the Nuggets through this coming season, but his new arrangement appears to tie him to Denver for a longer period of time. Several contenders also expressed interest in the 33-year-old, but new coach Michael Malone said Sunday that a deal would get done, Charania writes.
The general expectation was that Denver would re-sign the Steve Mountain client, as Christopher Dempsey of The Denver Post reported when free agency began. Earlier, Dempsey had identified the Nuggets’ choice of coaches as one of the determining factors Nelson would use to decide whether to return, and while Nelson was fond of interim coach Melvin Hunt, as many Nuggets were, the team’s hiring of Malone apparently wasn’t a turn-off.
Keeping Nelson around long-term provides a measure of insurance for the Nuggets in case they deal trade candidate Ty Lawson, whose contract runs through 2016/17. It provides a degree of stability for Nelson, who twice found himself in trades after signing with the Mavericks last summer. Dallas sent him to the Celtics in the Rajon Rondo swap, and Boston flipped him to Denver in exchange for Nate Robinson. Denver could still trade Nelson as soon as December 15th, but the team appears committed to him.