Transactions Rumors | Hoops Rumors

Karl-Anthony Towns Signs Super-Max Extension With Timberwolves

July 7th, 2022 at 8:03pm CST by Alex Kirschenbaum

JULY 7: Towns has officially signed the contract, according to a team press release.

“I couldn’t be prouder to continue my commitment to this franchise and community for years to come,” Towns said. “Minnesota has become my home and I am excited to continue making the fans proud to support the Timberwolves. My first seven years in the league, it has been an amazing journey. It all started with Flip Saunders taking a chance on me and now here we are. I look forward to all the achievements that are ahead for our team and the Timberwolves fanbase.”

JUNE 30: Karl-Anthony Towns has agreed to sign a four-year, super-max extension with the Timberwolves, agent Jessica Holtz tells ESPN’s Adrian Wojnarowski (Twitter link).

The deal will begin in 2024/25 and will be worth 35% of that season’s salary cap, with 8% raises in subsequent seasons. Since the ’24/25 cap figure isn’t yet known, neither is the amount of Towns’ extension, but Wojnarowski projects it to be worth about $224MM over four years.

The signing is something of a no-brainer for a Minnesota club on the rise. Towns, still just 26, enjoyed something of a comeback season with Minnesota in 2021/22. Though his stats in recent years remained impressive, the team had been mired in middling lottery-bound purgatory for three straight seasons prior to 2022.

In 2022, the 6’11” center made his first All-Star team since 2019 and his first All-NBA Team since 2018. Towns also won the NBA Three-Point Contest during the 2022 All-Star Weekend, a rarity for a big man. During 74 games last year, Towns averaged 24.6 PPG, 9.8 RPG, and 3.6 APG, with guard-like shooting splits of .529/.410/.822.

The three-time All-Star’s offensive prowess was a big reason the Timberwolves returned to their first playoff berth in four years. Led by Towns and second-year phenom Anthony Edwards, plus guards D’Angelo Russell and Patrick Beverley, the seventh-seeded Timberwolves pushed the second-seeded Grizzlies in a tough, physical first-round series. Minnesota would ultimately fall to Memphis in six games.

A super-max contract extension for Towns, an exceptional offensive talent just reaching his prime, had previously been considered the top priority for Minnesota’s front office this summer.

So far in free agency, the team has also added veteran small forward Kyle Anderson and re-signed tweener forward Taurean Prince to a two-year extension. The team also exercised non-guaranteed team options for 2022/23 on Naz Reid and Jaylen Nowell.

In the draft, the Timberwolves added several intriguing young players. Auburn big man Walker Kessler, the Naismith National Defensive Player of the Year, and Duke small forward Wendell Moore, were selected in the first round. Memphis drafted Memphis swingman Josh Minott and Vanoli Cremona shooting guard Matteo Spagnolo in the second round.

Zach LaVine Signs Five-Year Max Deal With Bulls

July 7th, 2022 at 6:51pm CST by Luke Adams

JULY 7: LaVine has officially signed, the team tweets.

“We are pleased that Zach remains with the Bulls,” executive VP Arturas Karnisovas said in the statement. “His work ethic and character have helped him to become one of the top players in the NBA.”

JULY 1: The Bulls and guard Zach LaVine are in agreement on a five-year, maximum-salary contract that will include a fifth-year player option, agent Rich Paul tells Shams Charania of The Athletic (Twitter link).

As our chart of maximum salaries for 2022/23 shows, LaVine will earn approximately $43MM per year on his new deal, which will have a total value of $215,159,700.

LaVine has emerged as one of the NBA’s most talented scorers since last reaching free agency in 2018. An All-Star in each of the last two seasons, the 27-year-old averaged 24.4 PPG, 4.6 RPG, and 4.5 APG on .476/.389/.853 shooting in 67 games (34.7 MPG) in 2021/22, despite battling a left knee issue that forced him to undergo arthroscopic surgery this spring.

When he was a restricted free agent in 2018, LaVine signed a four-year, $78MM offer sheet with the Kings, which Chicago matched. He significantly outplayed that deal and has long been earmarked for a maximum-salary contract this offseason. His health problems this past season raised some questions about whether that max deal would still be on the table, but the knee injury is reportedly not considered a long-term concern.

LaVine was linked to a number of rival suitors earlier in the offseason and didn’t agree to terms with the Bulls right when free agency opened on Thursday, but was always most likely to remain in Chicago — especially with the team willing to offer a fifth year that other teams couldn’t. The Bulls sweetened the pot further by making that fifth year a player option. That option, which applies to the 2026/27 season, will be worth $48,967,380.

LaVine, who was the No. 2 free agent on our top-50 list, has now received the second-largest commitment among free agents this offseason. Our No. 1 free agent, Bradley Beal, also agreed to a five-year, maximum-salary contract, but Beal is eligible for a higher level of max because he more years of NBA service than LaVine.

The Bulls’ projected 2022/23 team salary remains below the tax line, but the team would likely cross into the tax if it uses its full mid-level exception.

Timberwolves Sign Wendell Moore To Rookie Deal

July 7th, 2022 at 6:31pm CST by Dana Gauruder

The Timberwolves have signed Wendell Moore to his rookie scale contract, according to the NBA’s transactions log.

Moore was selected with the No. 26 pick. The Mavericks held the pick and agreed to trade it to Houston as part of the Christian Wood deal. Houston then re-routed the pick to Minnesota for the rights to TyTy Washington and two future second-rounders.

The former Duke wing’s four-year deal is worth $11,839,563, assuming the usual 120% rate above the rookie scale. His first-year salary would come out to $2,306,520.

Bucks Sign MarJon Beauchamp To Rookie Contract

July 7th, 2022 at 5:01pm CST by Dana Gauruder

The Bucks have signed shooting guard MarJon Beauchamp to his rookie scale contract, according to the NBA’s transactions log.

Beauchamp, who averaged 15.1 PPG in 12 games for the G League Ignite last season, was the 24th pick in the draft.

Assuming Beauchamp signed for the usual 120% of the rookie scale amount, his four-year contract would be worth $12,544,796 with a first-year salary of $2,420,400.

Grizzlies, John Konchar Finalize Three-Year Extension

July 7th, 2022 at 5:00pm CST by Rory Maher

5:00pm: Konchar’s extension is now official, per NBA.com’s transactions log.

11:54am: The Grizzlies are signing John Konchar to a three-year, $19MM extension, his agent George Landberg tells ESPN’s Adrian Wojnarowski (Twitter links).

According to Wojnarowski, the deal will be fully guaranteed, and Konchar will now be locked up through the next five seasons, as he still has two years left on his current contract.

As we relayed a few days ago, Konchar’s $2.3MM salary for 2022/23 became guaranteed once he remained on the roster through this past Sunday. He had already been owed a partial guarantee of $840K.

Konchar, 26, went undrafted out of Purdue-Fort Wayne in 2019 after a four-year college career. As shown by Basketball Reference, Konchar is the only known former Mastodon to reach the NBA.

He was a solid role player for the Grizzlies in ’21/22, averaging 4.8 PPG, 4.6 RPG, and 1.5 APG on .515/.413/.551 shooting in 72 games (17.9 MPG). An excellent rebounder for a guard, Konchar holds a career mark of 8.9 boards per 36 minutes.

In addition to his rebounding prowess, Konchar holds impressive career shooting percentages of 61.2% on twos and 40.6% on threes in 134 games (52.2% from the field overall). He’s also an intelligent ball-mover and solid defender, with a career assist-to-turnover ratio of 3.3:1.

De’Anthony Melton, another backup guard, was traded to Philadelphia a couple of weeks ago, so it’s possible that Konchar could have a bigger role next season. Either way, clearly the Grizzlies value his contributions, as evidenced by the fact that Konchar is under contract through ’26/27.

Once the extension becomes official, Konchar won’t be trade-eligible for six months.

Raptors Re-Sign Chris Boucher To Three-Year Deal

July 7th, 2022 at 2:48pm CST by Rory Maher

JULY 7: Boucher has officially re-signed with the Raptors, the team announced (via Twitter).

JUNE 30: The Raptors have agreed to bring back big man Chris Boucher on a three-year contract worth a reported $35.25MM, agent Sam Permut tells Adrian Wojnarowski of ESPN (Twitter link).

Toronto is using Boucher’s Bird rights to re-sign him to a deal worth a little more than the full mid-level exception. It’s a fully guaranteed deal, tweets Bobby Marks of ESPN.

After going undrafted out of Oregon in 2017 at age 24, Boucher has slowly emerged as one of the best player development stories in the NBA. He was the G League MVP and Defensive Player of the year in 2018/19 with the Raptors 905, Toronto’s affiliate, then emerged as a rotation regular in ’19/20, averaging 6.6 PPG, 4.5 RPG and 1.0 BPG in just 13.2 MPG (62 games).

His development led to a two-year, $13.5MM deal in 2020, which he easily outperformed the last couple of seasons. Boucher averaged 13.6 PPG, 6.7 RPG and 1.9 BPG on .514/.383/.788 shooting in ’20/21 (60 games, 24.2 MPG). His numbers fell off to 9.4 PPG, 6.2 RPG and 0.9 BPG on .464/.297/.777 shooting in 80 games (21.1 MPG) last season, partially as a result of finger surgery during preseason.

Boucher is an athletic, energetic big man who can block shots and limited opponents to 43.9% shooting this past season. He’s an unusual player in a lot of ways, standing 6’9″ but weighing just 200 pounds. Although Boucher often plays center, he’s capable of switching across multiple positions on defense using his speed and 7’4″ wingspan.

Clearly, the Raptors value Boucher highly, despite his down shooting year and limitations (he has 116 career assists in 123 games). Yet those limitations haven’t been a hindrance, as the team been markedly better when he’s on the court over the last two seasons.

Pistons Sign Jalen Duren To Rookie Contract

July 7th, 2022 at 1:02pm CST by Luke Adams

The Pistons have signed No. 13 overall pick Jalen Duren to his rookie contract, the team announced today (via Twitter). The move comes less than 24 hours after Detroit officially completed its draft-night trade with New York to acquire Duren’s rights.

Duren averaged 12.0 PPG, 8.1 RPG, and 2.1 BPG in 29 games (25.3 MPG) during his first and only college season at Memphis, earning AAC Freshman of the Year honors and making the All-AAC First Team.

As our rookie salary chart shows, Duren is set to earn $4.12MM as a rookie and would make $19.47MM over the course of his four-year deal, assuming he received the maximum allowable 120% of the rookie scale, which virtually every first-rounder does.

Twenty-three of this year’s 30 first-round picks have now officially signed their rookie contracts, including Duren and his new Pistons teammate Jaden Ivey.

Jericho Sims Signs Three-Year Deal With Knicks

July 7th, 2022 at 11:58am CST by Luke Adams

JULY 9, 9:03pm: The new deal with Sims is official, the Knicks announced (via Twitter).

JULY 7, 11:58am: Sims’ new three-year deal will be worth a little under $6MM, according to Katz (Twitter link). A three-year minimum contract would be worth $5.66MM, so if it’s above the minimum, it’s not by much.

Half the contract is currently guaranteed, Katz adds. There are trigger dates in 2023 and 2024 that would make years two and three fully guaranteed.

JULY 7, 11:39am: The Knicks will promote big man Jericho Sims to their standard roster, having agreed to terms with him on a new three-year contract, according to Shams Charania of The Athletic (Twitter link). Sims spent the 2021/22 season on a two-way deal.

The 58th overall pick in the 2021 draft, Sims played in 41 Knicks games as a rookie, averaging 2.2 PPG and 4.1 RPG in 13.5 minutes per contest. He moved into the team’s starting lineup for five games down the stretch, registering his first career double-double (10 points, 13 rebounds) during the last week of the season vs. Brooklyn.

While the Knicks are trading away Nerlens Noel, the team fortified its frontcourt by re-signing Mitchell Robinson and agreeing to a deal with Isaiah Hartenstein. Sims will provide additional depth up front.

Ian Begley of SNY.tv reported last month that the Knicks would likely negotiate a standard contract with Sims, clearing a path for second-rounder Trevor Keels to take the newly opened two-way slot. Fred Katz of The Athletic confirms (via Twitter) that Keels remains on track to get a two-way deal.

The exact terms of Sims’ new deal aren’t known, but it will likely be a minimum-salary contract or something close to it. The third year will be a team option, per Steve Popper of Newsday (Twitter link).

As Katz tweets, the Knicks will complete the signing using either some leftover cap room or part of their mid-level exception, depending on whether or not they end up turning their deal with Jalen Brunson into a sign-and-trade.

Nuggets, Vlatko Cancar Complete Three-Year Deal

July 7th, 2022 at 10:58am CST by Luke Adams

10:58am: Cancar’s new deal is now official, per NBA.com’s transactions log.

9:30am: Free agent forward Vlatko Cancar has reached an agreement with the Nuggets, according to agent Misko Raznatovic, who tweets that his client will sign a three-year contract. The third year of the deal will be a team option, per Raznatovic.

The 49th overall pick in the 2017 draft, Cancar remained overseas for two more years, then signed with the Nuggets in 2019. He has spent the last three seasons with the team, but has only appeared in 70 games during that time, averaging 2.3 PPG and 1.3 RPG on .484/.333/.742 shooting in 7.2 MPG.

Cancar appeared to be in line for a little more playing time in 2021/22 before his season was derailed by a right foot fracture in January. The injury took about three months to heal — the 25-year-old returned to action in the Nuggets’ regular season finale, then saw some brief action in two playoff contests.

Despite Cancar’s limited role during his first three NBA seasons, the Nuggets issued him a qualifying offer last week, making him a restricted free agent, and have now reached a deal that will keep him on the roster. While the team held the Slovenian’s Bird rights, it would be surprising if his new deal is worth more than the minimum, and it’s unclear how much of it will be guaranteed.

Denver has 11 players currently on guaranteed contracts, with Bruce Brown, DeAndre Jordan, and Davon Reed set to join that group once they officially sign their respective contracts. That puts Cancar in line to fill the 15th and final spot on the team’s standard regular season roster, though it’s possible there will be more changes between now and opening night.

Heat Re-Sign Victor Oladipo To Two-Year Deal

July 7th, 2022 at 10:16am CST by Luke Adams

JULY 7: The Heat have officially re-signed Oladipo, the team announced today in a press release. As we relayed earlier today, his new two-year deal is believed to be worth in the neighborhood of $18MM.

“Victor showed his work ethic and determination to come back and help us win games at the end of the regular season and through the playoffs,” Heat president Pat Riley said in a statement. “We are delighted to have him back in a HEAT uniform.”

JULY 6: Victor Oladipo remains on track to officially re-sign with the Heat, but he and the team have agreed to adjust the terms of the contract they negotiated last week, according to reports from Ira Winderman of The South Florida Sun Sentinel and Anthony Chiang of The Miami Herald (Twitter links).

Instead of signing a one-year, $11MM contract, Oladipo will receive a two-year deal that includes a second-year player option, per Winderman and Chiang.

While the exact financial terms are unclear, Oladipo’s salary in 2022/23 will be a little lower than $11MM in order to help the Heat remain below the luxury tax line (approximately $150MM) and the tax apron ($157MM).

Miami doesn’t yet have to worry about dealing with a hard cap, since the team hasn’t acquired a player via sign-and-trade, used its bi-annual exception, or used more than the taxpayer portion of its mid-level exception. But if the Heat want to do any of those three things, it would impose a hard cap of about $157MM on team salary, limiting their flexibility. A smaller first-year salary for Oladipo will give Miami more breathing room in that scenario, and may also help team ownership avoid a tax bill.

Oladipo will still have the right to veto a trade during the 2022/23 season. A player who re-signs with his former team on a one-year contract or a two-year deal with a second-year player option is afforded that privilege.