Transactions Rumors | Hoops Rumors

Mavericks Re-Sign Kyrie Irving To Three-Year Contract

July 7th, 2023 at 10:34pm CST by Luke Adams

JULY 7: Irving’s new contract with the Mavericks is official, the team announced (via Twitter).

JUNE 30: The Mavericks and star guard Kyrie Irving have reached an agreement on a new contract within the first hour of free agency, reports Shams Charania of The Athletic (Twitter link).

According to Charania, Irving will sign a three-year, $126MM contract that will include a player option in the final season. That’s an average of $42MM annually, which is a little below Irving’s 2023/24 maximum of $47.6MM.

While Irving is certainly enigmatic and has missed an alarming amount of games over the past four seasons, there’s no question that he’s an elite scorer and ball-handler when he’s on the court, having averaged 27.1 PPG, 5.8 APG, 4.9 RPG and 1.3 SPG on .491/.395/.914 shooting in 163 games (36.0 MPG) over that span.

Dallas acquired Irving in February after he requested a trade ahead of the deadline. Considering the Mavs gave up two solid role players (Spencer Dinwiddie and Dorian Finney-Smith) as well as an unprotected 2029 first-round pick to land the 31-year-old, they were always viewed as the frontrunner to re-sign the veteran guard.

A former first overall pick, Irving has earned numerous accolades during his career, including eight All-Star nods, three All-NBA appearances, a Rookie of the Year award, and a championship trophy with the Cavs in 2016.

It will be interesting to see how the Mavs build out the rest of their roster around Luka Doncic and Irving, two incredible offensive talents who don’t always put forth much effort defensively.

Rory Maher contributed to this story.

Bucks Sign Second-Rounder Andre Jackson Jr.

July 7th, 2023 at 9:38pm CST by Rory Maher

The Bucks have officially signed second-round pick Andre Jackson Jr., the team announced in a press release (Twitter link via Eric Nehm of The Athletic).

While the terms of the deal were not disclosed, Jackson is not listed as having inked a two-way contract on NBA.com’s official transaction log, which suggests Milwaukee signed him to a standard contract, likely using the new second-round pick exception.

Jackson, who helped UConn win the championship as a junior last season, was the 36th overall pick in the 2023 draft last month. The 6’6″ guard averaged 6.7 points, 6.2 rebounds, 4.7 assists and 1.1 steals on .432/.281/.646 shooting in 36 games (29.1 MPG) for the Huskies in 2022/23.

The Bucks acquired 36th pick in a draft-night trade with the Magic, sending back a 2030 second-rounder and cash.

Michael Scotto of HoopsHype was first to report that Jackson was a candidate for a standard roster spot. The 21-year-old made his NBA debut with the Bucks on Friday night in Las Vegas Summer League, finishing with nine points, six assists, three rebounds, two blocks and a steal against Denver.

Hawks Trade John Collins To Jazz For Rudy Gay, Second-Rounder

July 7th, 2023 at 7:37pm CST by Rory Maher

July 7: The trade is official, both teams announced. The second-rounder heading to Atlanta is conditional. It will be Memphis’ 2026 pick and will only convey if it lands between 31 and 42.

June 26: The Hawks are trading forward John Collins to the Jazz in exchange for forward Rudy Gay and a second-round pick, according to ESPN’s Adrian Wojnarowski.

Gay had a $6.48MM player option for 2023/24 that he exercised as part of the deal, his agent Sam Permut of Roc Nation Sports tells Wojnarowski (via Twitter).

Collins had been in trade rumors for multiple seasons, and now he’s finally on the move. Utah will be acquiring Collins using cap room, so the deal can’t be officially completed until July 6.

It’s essentially a salary-dump move to dip under the luxury tax line for Atlanta, much like the Kevin Huerter trade last offseason (the Hawks did get a protected first-rounder for Huerter, but it was mostly to avoid the luxury tax). Collins is owed $78MM over the next three seasons, including a $26.58MM player option in ’25/26.

In addition to significant financial flexibility, the Hawks will also generate a $25.34MM trade exception — equivalent to Collins’ salary for ’23/24 — as part of the deal, Wojnarowski reports. That will be the league’s new largest trade exception, surpassing the $18.1MM TPE the Nets created as part of the Kevin Durant deal in February.

Bobby Marks of ESPN clarifies (via Twitter) that the Collins TPE will be created by Atlanta absorbing Gay’s salary into an existing trade exception, worth $6.29MM. As Anil Gogna of Thread Sports Management tweets, the new CBA has a $250K allowance for TPEs (as opposed to $100K in the old CBA), which is enough to accommodate Gay’s deal.

It’s an interesting buy-low acquisition for the Jazz, who already have Lauri Markkanen, Walker Kessler, Kelly Olynyk and first-round pick Taylor Hendricks in their frontcourt.

Collins had a down season in ’22/23, averaging 13.1 PPG and 6.5 RPG on .508/.292/.803 shooting in 71 games (30.0 MPG). Still, he’s only 25 years old and holds career averages of 15.8 PPG and 8.0 RPG on .551/.356/.783 shooting across 364 games (29.2 MPG). The Jazz will be hoping he can rebuild his value under head coach Will Hardy.

According to Wojnarowski, the two teams have discussed “numerous iterations” of a Collins trade for “over a year,” but Atlanta finally decided to move on due to a salary-cap crunch. The Hawks are expected to remain active in trade conversations and GM Landry Fields has ownership’s permission to go above the tax threshold if it improves the roster, says Woj.

Atlanta’s newfound financial flexibility could be used to negotiate long-term extensions for Dejounte Murray, Onyeka Okongwu and Saddiq Bey, whom Wojnarowski refers to as “core players.”

Gay was a very good player for a long time, but age and injuries seemed to catch up with him last season. He posted career lows in points (5.2), rebounds (2.9) and minutes (14.6) per game in 56 appearances. He’s about to enter his 18th season and will turn 37 in August.

Thunder Sign Cason Wallace, Keyontae Johnson

July 7th, 2023 at 6:32pm CST by Rory Maher

The Thunder have signed Cason Wallace to his rookie scale contract, the team announced in a press release.

Wallace, who was the 10th overall pick in last month’s draft, was acquired via trade from Dallas. Oklahoma City took on Davis Bertans‘ contract in order to move up two spots and select the former Kentucky guard (the Thunder sent the Mavs the 12th pick to complete the deal).

Wallace, 19, has a reputation as a strong defensive player. He averaged 11.7 PPG, 4.3 APG, 3.7 RPG and 2.0 SPG on .446/.346/.757 shooting in 32 games (32.2 MPG) as a freshman last season for the Wildcats.

As our list of rookie scale salaries shows, Wallace will earn about $5.3MM as a rookie in 2023/24. That’s assuming he received 120% of his draft slot, which virtually every first-rounder does. Like all first-round picks, Wallace’s first two years are guaranteed, with team options in years three and four.

The Thunder have also signed second-round pick Keyontae Johnson to a two-way contract, per the team. Johnson, selected 50th overall, averaged 17.4 PPG, 6.8 RPG, 2.1 APG and 1.0 SPG on .516/.405/.715 shooting in 36 games (34.1 MPG) for Kansas State in ’22/23. Head of basketball operations Sam Presti previously said the plan was for Johnson to ink a two-way deal.

Jazz Renegotiate, Extend Jordan Clarkson’s Contract

July 7th, 2023 at 5:56pm CST by Luke Adams

JULY 7: Clarkson’s renegotiated and extended contract is now official, per the Jazz.

JULY 2: After picking up his 2023/24 option last week to remain in Utah, Jordan Clarkson will commit to the team for a couple more seasons, according to Shams Charania of The Athletic (Twitter link).

Clarkson and the Jazz are finalizing a renegotiation and extension that will give him a raise in 2023/24 and will add two new years to his current contract, his agents at Klutch Sports tell Charania.

The deal will be worth $55MM, Charania adds. Based on the wording of his report, it’s unclear if that $55MM is all new money or if it includes Clarkson’s preexisting $14.3MM salary for 2023/24 — I’d assume the latter unless we hear otherwise, since agents leaking word of an agreement typically frame it in the most flattering light.

As we outlined on Saturday when Domantas Sabonis completed a similar deal with the Kings, contract renegotiations in the NBA are rare, since they can only be completed when a team has cap space and intends to increase a player’s salary rather than reducing it. Like Sacramento with Sabonis, Utah has the cap room necessary to give Clarkson’s current-year salary a bump and negotiate an extension off that new cap hit.

Interestingly, without a renegotiation, the maximum two-year extension Utah could give Clarkson would be worth about $41.5MM — when added to his current $14.3MM salary, that would also work out to just over $55MM.

By forgoing a traditional ascending extension structure and renegotiating his current-year salary to give him an immediate raise, the Jazz may end up paying the veteran guard the same amount of money overall while applying more of it to the 2023/24 cap in order to maximize future flexibility. An extension signed signed as part of a renegotiation can decline by as much as 40% in the first season.

Clarkson, 31, entered Utah’s starting lineup in 2022/23 after coming off the bench as a microwave scorer for most of his nine-year NBA career. In 61 games (32.6 MPG) in 2022/23, he averaged 20.8 points, 4.4 assists, and 4.0 rebounds with a shooting line of .444/.338/.816.

The Jazz, who are acquiring John Collins into their cap room in a trade with Atlanta, still projected to have nearly $15MM in cap room available after completing that deal, per Keith Smith of Spotrac (Twitter link). Whether or not they have more room to operate after the Clarkson renegotiation will depend on how much money they add to his 2023/24 salary, as well as the team’s plans for players on non-guaranteed contracts like Luka Samanic and Vernon Carey.

Clarkson is the third player to agree to renegotiate his contract in 2023, joining Sabonis and Pacers center Myles Turner. Prior to Turner, no player had renegotiated a deal since Robert Covington in 2017.

Jazz Waive Vernon Carey Jr.

July 7th, 2023 at 4:22pm CST by Rory Maher

The Jazz are waiving big man Vernon Carey Jr., reports Michael Scotto of HoopsHype (Twitter link). The move is official, per NBA.com’s transactions log.

The 32nd overall pick of the 2020 draft after one college season at Duke, Carey spent his rookie season with the Hornets, who shipped him to the Wizards at the 2022 trade deadline. He has barely played at the NBA level over the past three seasons, appearing in 37 total games for 187 minutes, including 28 minutes over 11 games with Washington last season.

Carey did have a solid stint with Washington’s G League affiliate, the Capital City Go-Go, in 2022/23. He averaged 20.7 PPG 8.3 RPG, 1.9 APG, 0.9 SPG and 0.9 BPG in 14 regular season games (27.6 MPG).

The 22-year-old was waived by the Wizards at the beginning of March and signed a multiyear deal with the Jazz during the season’s final weekend. His minimum-salary contract for ’23/24 was non-guaranteed, so Utah won’t have any cap charge for releasing him.

Miles Bridges Signs Hornets’ Qualifying Offer

July 7th, 2023 at 3:17pm CST by Rory Maher

JULY 7: In a press release confirming that Bridges has signed his qualifying offer to return with the Hornets, president of basketball operations Mitch Kupchak and Bridges himself both put out statements.

“Throughout this process, we have taken a measured and serious approach,” Kupchak said. “Several factors played a part in our decision to bring Miles back, including the conclusion of the legal process, the results of the NBA’s investigation and Miles’ commitment to counseling and community service. Our five-year relationship with Miles has allowed for open and honest dialogue. He has shown remorse, indicated that he has learned from this situation and expressed that it will not happen again. We look forward to Miles rejoining our team.”

Bridges statement reads as follows:

“I sincerely apologize for the pain, embarrassment and disappointment that last year’s incident caused so many people. Time away from the game allowed me to reflect, immerse myself in therapy and prioritize becoming a better person – someone my family and peers can be proud of. I’m grateful to the Hornets and the NBA community for giving me a second chance – most people don’t ever get one and I understand those questioning whether I deserve one. I will do everything I can to earn back the trust and confidence of my teammates, coaches, the Hornets organization and staff, fans, and the Charlotte community. I’m ready to return to work and can’t wait to rejoin my Hornets teammates.”

JULY 2: Restricted free agent Miles Bridges hasn’t been receiving the types of contract offers he was hoping for from the Hornets, so has signed his $7,921,300 qualifying offer in order to become an unrestricted free agent next year, sources tell ESPN’s Adrian Wojnarowski (Twitter links).

As ESPN’s Bobby Marks tweets, signing the one-year qualifying offer would give Bridges the power to veto trades. However, if he were to approve a trade, the team that acquires him would lose his Bird rights.

Shams Charania of The Athletic hears (via Twitter) that a final contract offer was presented on Sunday before talks broke down, but he doesn’t clarify whether that offer came from Charlotte or Bridges’ camp — or perhaps both.

The 25-year-old forward sat out the entire 2022/23 season after facing a felony domestic violence charge. He agreed to a plea deal and was subsequently suspended by the NBA, who will require him to sit out the first 10 games of ’23/24.

Prior to that incident, Bridges was viewed as one of the top free agents of the 2022 class, having averaged 20.2 PPG, 7.0 RPG, and 3.8 APG on 49.1% shooting in 80 games (35.5 MPG) in ’21/22.

Leading into free agency, it was impossible to know exactly how the Hornets and the rest of the NBA would value the former lottery pick, who was selected 12th overall in the 2018 draft. As valuable as Bridges can be on the court, the repugnant behavior he was accused of away from it likely gave potential suitors pause about pursuing him to represent their franchise.

Clearly, the Hornets had the leverage in contract negotiations after Bridges missed the entire season, which made him ineligible to be signed-and-traded. None of the teams with cap room decided to pursue him, but maybe that will change in 2024 if he has a strong season without further legal trouble.

Bridges was No. 8 on our list of 2023’s top 50 free agents.

Knicks Trade Obi Toppin To Pacers

July 7th, 2023 at 2:32pm CST by Luke Adams

JULY 7: The trade is official, the Knicks announced today in a press release (Twitter link). Toppin has been traded into the Pacers’ cap room in exchange for the two second-round picks described below.

JULY 6: The Knicks will receive either the Suns’ or Pacers’ 2028 second-round pick (whichever is least favorable) and either the Pacers’ or Wizards’ 2029 second-round pick (whichever is least favorable) for Toppin, reports Dustin Dopirak of The Indianapolis Star (Twitter link).

JULY 1: The Knicks and Pacers are finalizing a trade that will send forward Obi Toppin to Indiana, reports Adrian Wojnarowski of ESPN (Twitter link).

According to Wojnarowski, the Knicks will acquire a pair of second-round picks in exchange for Toppin, who was the eighth overall pick in the 2020 draft.

Marc Stein and Ian Begley of SNY.tv reported prior to free agency that the Pacers were talking to the Knicks about Toppin and had emerged as the leading candidate to land him. It’s a logical fit, since Indiana has the cap room necessary to acquire the 25-year-old’s $6.8MM expiring contract without sending out any salary and has been in the market for another power forward.

While lottery pick Jarace Walker figures to see minutes for the Pacers as a rookie, Toppin should have an opportunity to play a bigger role in Indiana than he did in New York, where he spent the majority of his first three NBA seasons backing up Julius Randle.

In 139 games for the Knicks since the start of 2021/22, Toppin has averaged 8.2 PPG and 3.3 RPG on .491/.329/.772 shooting in 139 games (16.4 MPG). He’ll be eligible for a rookie scale extension this offseason, or restricted free agency in 2024 if he doesn’t sign a new deal before then.

It’s a somewhat disappointing outcome for the Knicks, whose lottery pick from three years ago will now turn into a pair of second-rounders. However, the move will help create some additional spending flexibility below the tax apron for the club, potentially opening up the full mid-level exception. It’ll also generate a $6.8MM trade exception and contribute a couple more draft assets to New York’s ever-growing stash.

Timberwolves Sign Jaylen Clark To Two-Way Contract

July 7th, 2023 at 2:23pm CST by Luke Adams

Former UCLA wing Jaylen Clark has officially signed his first NBA contract, having inked a two-way deal with the Timberwolves, according to NBA.com’s transaction log.

Clark had a big junior year for the Bruins in 2022/23, increasing his scoring average to 13.0 PPG while also contributing 6.0 RPG and 2.6 SPG in 30 contests (30.5 MPG). He was named to the All-Pac-12 team and was the conference’s Defensive Player of the Year.

Clark, who injured his Achilles earlier this year and underwent surgery after the season, isn’t expected to be ready for the start of his rookie year. However, Minnesota is optimistic about what he’ll be able to bring to the team once he’s healthy — after selecting him with the No. 53 pick last month, president of basketball operations Tim Connelly referred to Clark as “the best perimeter defender in the draft.”

Luka Garza holds one of the two-way contract slots for the Timberwolves, so they have one opening remaining. The best candidate to fill it is Matt Ryan, who is still a restricted free agent after receiving a two-way qualifying offer in June.

Of the 58 players selected in the 2023 draft, 38 have now officially signed NBA contracts, as our tracker shows.

Rockets Sign Fred VanVleet To Three-Year Contract

July 7th, 2023 at 1:10pm CST by Luke Adams

JULY 7: The Rockets have officially signed VanVleet, the team announced today in a press release.

As previously noted, VanVleet’s three-year deal includes a third-year team option.

JUNE 30: Fred VanVleet is leaving Toronto, according to Adrian Wojnarowski of ESPN (Twitter links), who hears from agents Rich Paul and Erika Ruiz that the free agent point guard will join the Rockets on a three-year, maximum-salary contract.

The No. 2 player on our list of 2023’s top 50 free agents, VanVleet is the first free agent to land a max deal this summer, Wojnarowski notes. The agreement will pay him a total of $128.5MM across three seasons, including a starting salary of $40.8MM in 2023/24, which will eat up a huge chunk of Houston’s cap room.

It’s a massive payday for VanVleet, who began his NBA career in 2016 as an undrafted free agent on a minimum-salary contract. Over the course of seven seasons in Toronto, he evolved from little-used reserve to key rotation member on a championship team to All-Star starting point guard.

The former Wichita State standout signed a four-year, $85MM contract during his last foray into free agency in 2020, but opted out of that deal after the third year in order to secure an even larger payday.

VanVleet is coming off a down season, having made a career-worst 34.2% of his three-point attempts in 2022/23 as his defense also took a step back. However, it appears the Rockets are willing to chalk up his struggles to nagging injuries and bad luck rather than assuming it’s the beginning of a downward trend. The 6’1″ guard has never been a great finisher around the rim, but he was a career 38.2% three-point shooter prior to last season and has been an asset on defense in the past.

The Rockets had more cap room (approximately $64MM) than any other team in the NBA entering free agency, putting them in position to aggressively pursue their preferred targets. While James Harden was mentioned earlier in the year as a candidate to return to Houston, VanVleet had clearly become the team’s top point guard target in the days leading up to free agency.

With the Raptors doing their best to bring back VanVleet, the Rockets apparently had to tack on an extra season to the two-year, maximum-salary offer they were said to be preparing for the 29-year-old in order to secure his commitment. Even with $40MM earmarked for VanVleet, Houston still has about $25MM in cap room available to continue making moves.

Meanwhile, it’s unclear how the Raptors intend to address their suddenly gaping hole at point guard. The club had spent the last year or two seeking a reliable backup for VanVleet and will now have to find a new starter too.

[UPDATE: Raptors to sign Dennis Schröder]

As Bobby Marks of ESPN tweets, Toronto could try to work out a sign-and-trade with Houston to generate a huge trade exception. However, there’s no reason for the Rockets to agree to that unless they’re incentivized to do so, so the Raptors would probably have to give up a second-round pick or two to make it happen.