Transactions Rumors | Hoops Rumors

Knicks Re-Sign Chuma Okeke

October 2nd, 2024 at 5:20pm CST by Luke Adams

5:20pm: Okeke is officially back with the team on a new Exhibit 10 contract, the Knicks announced on Twitter.

10:14am: Free agent forward Chuma Okeke, who was waived over the weekend by the Knicks, will be re-signing with the team once the Karl-Anthony Towns trade is official, reports James L. Edwards III of The Athletic (Twitter link).

Okeke, 26, was the 16th overall pick in the 2019 draft. He was stashed in the G League for a season while recovering from a torn ACL, then signed his rookie contract with the Magic in 2020.

Across four seasons in Orlando, the former Auburn standout made a total of 189 regular season appearances, averaging 6.3 points, 3.7 rebounds, and 1.5 assists in 20.3 minutes per game. Known more for his defense, Okeke struggled with his shot, making just 38.3% of his attempts from the floor, including 31.8% of his three-pointers.

Okeke signed an Exhibit 10 contract with New York in August, but had to be waived to allow the club to open up enough roster spots to sign-and-trade several players to Charlotte as part of the Towns deal with the Timberwolves and Hornets. After that trade has been formally completed, which should happen soon, the Knicks will be able to refill the several open spots on their 21-man offseason roster.

Okeke will occupy one of those spots, likely on a new Exhibit 10 deal, but he’ll have an uphill battle to make the regular season roster. Due to its hard cap situation, New York will be able to retain no more than one veteran who is in camp on a non-guaranteed minimum-salary contract — Landry Shamet appears to have the upper hand for that spot.

Marcus Morris, who was waived along with Okeke over the weekend, would also be eligible to return to the Knicks on a new camp deal, but has reportedly decided against it and will seek a new NBA contract elsewhere.

Knicks Sign Alex O’Connell To Exhibit 10 Deal

October 2nd, 2024 at 5:13pm CST by Luke Adams

OCTOBER 2: O’Connell’s signing is now official, nearly three months after it was first reported, the Knicks announced (via Twitter).

JULY 3: The Knicks intend to sign former Duke and Creighton wing Alex O’Connell to an Exhibit 10 contract, reports Ian Begley of SNY.tv (Twitter link).

O’Connell, who went undrafted in 2022, spent his first professional season with the Stockton Kings, appearing in 48 G League games and averaging 9.1 points, 4.2 rebounds, and 1.7 assists in 21.7 minutes per contest, with a shooting line of .476/.379/.769.

The Westchester Knicks acquired O’Connell’s rights from Stockton last September, but he ended up playing in Italy with Reyer Venezia in 2023/24, competing in the Lega Basket Serie A (Italy’s top league) and the EuroCup.

The 25-year-old impressed the Knicks at a recent free agent mini-camp and will be with the team for Summer League play, according to Begley. O’Connell appears likely to end up with the Westchester Knicks as a returning-rights player, though if he continues to impress this summer and fall, he could be a candidate to have his Exhibit 10 contract converted into a two-way deal.

An Exhibit 10 contract is a non-guaranteed minimum-salary deal that doesn’t count against a team’s cap unless the player makes the regular season roster. It can be converted to a two-way contract before the season begins or can put a player in line to earn a bonus of up to $77.5K if he’s waived and then spends at least 60 days with his team’s G League affiliate.

Knicks Officially Acquire Karl-Anthony Towns In Three-Team Trade With Wolves, Hornets

October 2nd, 2024 at 1:56pm CST by Luke Adams

The Karl-Anthony Towns blockbuster involving the Knicks, Timberwolves, and Hornets is now official, according to press releases from each of the three teams involved in the deal.

Word first broke last Friday night that an agreement had been reached, with more details reported on Tuesday. The full terms of the trade are as follows:

Knicks acquire Towns and the draft rights to James Nnaji.
Timberwolves acquire Julius Randle, Donte DiVincenzo, Keita Bates-Diop, and the Pistons’ 2025 first-round pick (top-13 protected; from Knicks).
Hornets acquire DaQuan Jeffries (sign-and-trade), Charlie Brown Jr. (sign-and-trade), Duane Washington (sign-and-trade), either the Nuggets’ or Sixers’ 2025 second-round pick (whichever is least favorable; from Timberwolves), the Warriors’ 2026 second-round pick (from Knicks), the Knicks’ 2031 second-round pick, and cash ($7.2MM; from Knicks).

“We are beyond excited to welcome Karl-Anthony Towns to the New York Knicks family,” Knicks president of basketball operations Leon Rose said in a statement. “Karl-Anthony brings a skillset that is unique to the game of basketball. He possesses a blend of playmaking, shooting, rebounding and defending that in combination with his size allows him to compete at a level that is rare in this league. Karl-Anthony has demonstrated throughout his career to be a high caliber player and person on and off the court who will complement the type of team and culture we continue to build in New York.”

Minnesota waived camp invitee Jaedon LeDee in order to accommodate the one-for-three swap, while Charlotte cut guards Marcus Garrett and guard Caleb McConnell to make room on its roster for the three incoming players.

Both the Wolves and Hornets are now at their 21-man preseason limits, while the Knicks have five open spots on their 21-man squad. They’ll reportedly fill one of those spots by re-signing Chuma Okeke.

Our original report on the trade includes more details on the on-court implications of the move for the Knicks and Timberwolves. We also discussed how it will affect New York’s ability to fill out the rest of its regular season roster.

Here are a few more additional notes on the transaction:

Randle received his full 15% trade bonus as part of the transaction, confirms ESPN’s Bobby Marks (via Twitter). That bumps the forward’s cap hit for 2024/25 from $28,939,680 to $33,073,920. The cap charge for Randle’s ’25/26 player option ($30,935,520) remains unchanged, since the trade bonus doesn’t affect option years.
Towns also had a trade kicker in his contract, but it’s voided because he’s already earning his maximum salary, Marks adds (via Twitter).
The three players the Knicks signed-and-traded to the Hornets will each earn exactly $1 more than their respective minimum salaries, per Marks. That works out to $2,425,404 for Jeffries, $2,237,692 for Brown, and $2,162,607 for Washington. Teams aren’t permitted to aggregate multiple minimum-salary contracts for matching purposes in offseason trades, and since Bates-Diop is on a minimum deal, Jeffries, Brown, and Washington couldn’t be. Fred Katz of The Athletic (Twitter link) has heard that the NBA “isn’t thrilled” about the way in which the Knicks circumvented that rule, but it’s technically legal.
The Hornets used their $7,983,000 room exception to accommodate those three incoming salaries, becoming the first team to take advantage of the new rule allowing clubs to use their non-taxpayer mid-level exception, room exception, or bi-annual exception to acquire a player via trade. Charlotte now has just $1,157,297 left on that exception.
The Timberwolves will create a $4,686,880 trade exception in the deal, which they’d be allowed to use this season despite being a second-apron team. Teams operating above either tax apron are prohibited from using trade exceptions that were generated during the previous season, but can use newly created TPEs.
Because they sent approximately $7.2MM to the Hornets in the deal, were responsible for paying Randle’s $4.13MM trade bonus, and will reportedly pay Partizan Belgrade an estimated $850K for Washington’s buyout, the Knicks are on the hook for more than $12MM in cash, separate from player salaries, as a result of the deal.

Clippers Sign Terance Mann To Three-Year Extension

October 2nd, 2024 at 12:06pm CST by Dana Gauruder

OCTOBER 2: Mann’s extension is now official, the Clippers announced today in a press release.

“We place tremendous value on the competitiveness, consistency, durability, and hard work that T Mann continues to demonstrate year after year,” president of basketball operations Lawrence Frank said in a statement. “Since we drafted him in 2019, T Mann has turned himself into the ultimate glue guy, a two-way player who takes tough assignments and hits big shots. When we think about the qualities that make a young player a Clipper, we often wind up with a description of T Mann, and we’re thrilled he will remain a vital part of us.”

SEPTEMBER 27: The Clippers and guard Terance Mann have agreed to a three-year, fully-guaranteed $47MM contract extension, Shams Charania of The Athletic tweets. The new deal will run through the 2027/2028 season.

Mann, who is making $11,423,077 this season, had been due to enter unrestricted free agency next summer.

Mann, 27, was a second-round draft pick in 2019 who has far exceeded expectations. He made 85 starts during his first four seasons, then became a full-time starter in 2023/24.

Mann started 71 of 75 games last season and averaged 8.8 points, 3.4 rebounds and 1.6 assists per night. Although he hasn’t been asked to play a major role during his first five seasons, the 6’5″ wing is valued as a ‘glue guy,’ providing solid defense and playing within the framework of the team’s schemes.

“Super excited to re-sign with the team who has been with me from the beginning. It’s been a great five seasons with this organization and I’m excited to see where it goes from here,” Mann told ESPN’s Marc Spears (Twitter link).

Mann’s new salary is very reasonable for a starter, given that the salary cap is projected to increase by 10% annually in the coming years.

Mann will earn $15.5MM in 2025/26, when the extension begins, and will remain trade-eligible because the terms of the deal fall within extend-and-trade limits, per ESPN’s Bobby Marks (via Twitter)

The Clippers lost Paul George in free agency but the front office has been busy locking up their other starters. Kawhi Leonard signed a three-year extension last season, James Harden was re-signed in free agency and Ivica Zubac signed an extension earlier this month.

Trail Blazers Sign, Waive David Muoka

October 1st, 2024 at 9:05pm CST by Luke Adams

9:05pm: Muoka’s release is listed on the NBA’s official transaction log, indicating that the Blazers have formally signed and waived him.

2:56pm: The Trail Blazers are signing free agent center David Muoka to an Exhibit 10 contract and will subsequently waive him, reports Sean Highkin of Rose Garden Report (Twitter link).

Muoka’s agent Josh Goodwin confirmed (via Twitter) that his client is signing with Portland, noting that he’ll become the first player born in Hong Kong to ink an NBA contract.

After going undrafted out of UNLV in 2023, Muoka spent his rookie season with the Long Island Nets, Brooklyn’s G League affiliate. He averaged 4.5 points, 5.0 rebounds, and 1.3 blocks in 14.7 minutes per game across 38 outings for Long Island in the Showcase Cup and regular season.

Because Muoka finished last season with the Nets’ affiliate, simply signing and waiving him won’t allow Portland to secure his G League rights. However, it will ensure that he receives an Exhibit 10 bonus worth up to $77.5K if he spends at least 60 days with the Blazers’ affiliate this season. The Rip City Remix will have to acquire his returning rights from Long Island to make that happen.

The Blazers have two open spots on their 21-man training camp roster, so no corresponding move will be required to make room for Muoka.

Hornets To Receive Three Second-Rounders, Three Players In Towns Blockbuster

October 1st, 2024 at 7:31pm CST by Dana Gauruder

The Hornets are receiving three second-round picks along with DaQuan Jeffries, Charlie Brown Jr. and Duane Washington Jr. as the third team in the Knicks–Timberwolves blockbuster trade, Shams Charania, Jon Krawczynski and Fred Katz of The Athletic report (via Twitter). A pair of those second-rounders are coming from the Knicks, while the Timberwolves will provide the other one.

The Knicks, of course, are acquiring Karl-Anthony Towns in the trade, while Julius Randle, Donte DiVincenzo, Keita Bates-Diop and a protected Pistons first-round pick controlled by New York are headed to Minnesota.

The Knicks will also receive the rights to 2023 draft pick James Nnaji from Charlotte, Katz tweets.

Jeffries has appeared in a total of 64 NBA games for four different teams. He saw action in 17 games off the bench for New York last season.

Brown has appeared in NBA games for five organizations since entering the league in 2019/20. He played eight games for the Knicks last season.

Washington has played a total of 79 games for Indiana and Phoenix. Washington, who didn’t appear in an NBA game last season, signed a two-year contract with Serbia’s Partizan Belgrade in July.

ESPN’s Bobby Marks provides more details on Charlotte’s haul (Twitter link). Minnesota is shipping a 2025 second-rounder (the least favorable of Denver’s or Philadelphia’s picks). The Knicks are giving up a 2026 pick that Golden State owed them and their own 2031 second-rounder.

The trio of veteran players are involved in sign-and-trades and Charlotte will also collect a total of $7.2MM in cash from the Knicks, Marks notes. That’s the maximum amount of cash a team can trade in 2024/25, so New York won’t be permitted to sent out cash in any subsequent deals.

The cash Charlotte receives will offset the salaries of the three players, who will earn a combined $6.8MM, Marks adds (Twitter link). The Hornets are using their room exception to make those acquisitions, making them the first team to take advantage of new rules allowing teams to trade for players using the non-taxpayer mid-level, room, or bi-annual exception.

Partizan and Washington will agree to a buyout freeing him up for the sign-and-trade deal, but Charlotte plans to waive him, so he could re-sign with the Belgrade-based club, Ian Begley of SNY TV tweets.

Nnaji, the 31st pick of the 2023 draft, is a draft-and-stash prospect who struggled to get rotation minutes with Spanish powerhouse Barcelona in ’23/24. He’s playing for Spain’s Girona on loan from Barcelona this season.

As we outlined on Saturday when we discussed the cap implications of the trade for the Knicks, they’ll have just 12 players under contract once the deal is official and won’t have enough room under their hard cap to carry two more players on veteran minimum deals.

In all likelihood, they’ll carry a 13th man on a minimum-salary contract (possibly Landry Shamet) and will promote either Kevin McCullar or Ariel Hukporti to the standard roster. They’d also have the option of signing a draft-and-stash prospect as their 14th man, though most viable candidates for an NBA roster spot are under contract with teams elsewhere.

Pelicans Sign Adonis Arms To Camp Deal

October 1st, 2024 at 12:29pm CST by Luke Adams

The Pelicans have made a minor change to their 21-man training camp roster, announcing today in a press release that they’ve signed guard Adonis Arms and waived guard Izaiah Brockington.

Arms, 26, has played in the G League since going undrafted out of Texas Tech in 2022, spending time with the Nuggets’ and Grizzlies’ affiliates in his first two professional seasons. In 42 total Showcase Cup and regular season NBAGL games last season for the Memphis Hustle, he averaged 16.0 points, 6.0 rebounds, and 3.2 assists per contest, with a shooting line of .458/.399/.720.

The Birmingham Squadron announced last month that they’d acquired Arms’ returning rights from the Hustle in a five-team trade, which is a signal that the Pelicans’ plan is to waive him before opening night and have him report back to the G League this fall. Assuming Arms spends at least 60 days with the Squadron, he’ll earn an Exhibit 10 bonus worth up to $77.5K.

That figures to be the plan for Brockington too. He signed an Exhibit 10 deal with New Orleans last week after spending the 2023/24 season with Birmingham.

Suns Sign, Waive David Stockton

September 30th, 2024 at 8:41pm CST by Arthur Hill

SEPTEMBER 30: The Suns have waived Stockton, according to NBA.com’s official transaction log. His next stop is expected to be with the Valley Suns later this fall.

SEPTEMBER 28: David Stockton has signed an Exhibit 10 contract with the Suns, a league source tells Keith Smith of Spotrac (Twitter link).

Phoenix’s new G League team acquired the 33-year-old point guard’s returning player rights in a trade on Friday, so the Valley Suns will likely be his next stop. If he spends at least 60 days with the G League club, he’ll be eligible for a bonus worth up to $77.5K.

Stockton has played extensively in the G League since his college career with Gonzaga ended in 2014. His NBA experience consists of three games with Sacramento during the 2014/15 season and three games with Utah in 2017/18. He has also played in Croatia, New Zealand, Germany and Puerto Rico.

Stockton’s last NBA opportunity came two years ago when he signed an offseason contract with Indiana.

The Suns had 20 players on their offseason roster, so no corresponding move was necessary to make room for Stockton.

Pelicans, Jose Alvarado Complete Two-Year Extension

September 30th, 2024 at 7:47pm CST by Luke Adams

SEPTEMBER 30: The Pelicans have issued a press release officially announcing Alvarado’s extension.

SEPTEMBER 28: The Pelicans and guard Jose Alvarado have agreed to a two-year contract extension worth $9MM, agent Ron Shade tells Shams Charania of The Athletic (Twitter link).

Alvarado is earning $1,988,598 in 2024/25 in the final year of his current minimum-salary contract. That salary, which had been non-guaranteed, will become fully guaranteed as part of the agreement, tweets ESPN’s Bobby Marks.

The new extension will begin next July and will include a player option for the ’26/27 season, according to Charania.

Alvarado, 26, has spent the past three seasons in New Orleans after going undrafted out of Georgia Tech in 2021. He emerged as a regular contributor for the Pelicans as a rookie free agent in 2021/22, earning a promotion from his two-way contract to the standard roster near the end of that season, and has maintained his place in the team’s rotation since then.

In 2023/24, Alvarado averaged 7.1 points, 2.3 rebounds, 2.1 assists, and 1.1 steals in 18.4 minutes per game across 56 appearances off the bench. Nicknamed “Grand Theft Alvarado” for his habit of making highlight-reel steals, the Pelicans guard posted a shooting line of .412/.377/.673 and finished sixth in Sixth Man of the Year voting last season.

The maximum extension that Alvarado could have signed would’ve been similar to the one Andrew Nembhard received from Indiana, worth over $18MM in 2025/26. While that would’ve been an overpay, the Pelicans did very well to lock up the reserve guard for an additional season at just $4.5MM, a bargain for any effective rotation player. If he continues to produce in New Orleans, Alvarado could opt out in 2026 and seek a more lucrative deal at that time.

The Pelicans now have seven players on guaranteed contracts for the 2025/26 season, with Jordan Hawkins likely to join that group in the next few weeks when the team exercises his rookie scale team option. Brandon Ingram (unrestricted) and Trey Murphy (restricted) will be among New Orleans’ 2025 free agents if they don’t sign extensions of their own.

Sixers Sign Isaiah Mobley, Jordan Tucker To Exhibit 10 Deals

September 30th, 2024 at 12:33pm CST by Arthur Hill

12:33pm: In addition to confirming their deal with Mobley, the Sixers announced in a press release that they’ve officially signed free agent forward Jordan Tucker, who will fill the final spot on the team’s 21-man training camp roster.

Tucker, who played for Philadelphia’s Summer League team in Salt Lake City and Las Vegas, has bounced around since going undrafted out of Butler in 2020, playing in the G League, Bulgaria, North Macedonia, and France.

While the Sixers didn’t explicitly confirm it, it’s safe to assume Tucker also inked an Exhibit 10 deal.

9:55am: Isaiah Mobley has agreed to an Exhibit 10 contract with the Sixers, sources tell Tim Bontemps of ESPN (Twitter link).

The 25-year-old power forward spent the past two seasons on two-way deals in Cleveland, where he played alongside his younger brother, Evan. He appeared in 22 total games for the Cavaliers, averaging 2.5 points and 1.4 rebounds in 7.1 minutes per night. He was selected with the 49th pick in the 2022 draft.

Mobley also has experience in the G League, where he played part of the last two seasons. The Exhibit 10 deal means he’ll be eligible for a bonus worth up to $77.5K if he’s waived and spends at least 60 days with Philadelphia’s affiliate in Delaware.

The Sixers have 13 players with fully guaranteed contracts, along with Ricky Council on a non-guaranteed deal. The team’s two-way slots are filled by Justin Edwards, Jeff Dowtin and Lester Quinones, but Mobley might be able to compete for one of those with an impressive camp.

Mobley’s signing will bring Philadelphia’s roster to 20 players, one short of the offseason limit.