JULY 12TH, 10:18am: The Cavaliers have officially finalized their deal with Jack, according to a press release from the team.
JULY 6TH, 4:44pm: The final year of Jack's salary is partially guaranteed, tweets Ken Berger of CBSSports.com. That may mean it's not a team option as reported below, but that wouldn't necessarily be the case. Gustavo Ayon's deal with the Bucks includes a team option that's already been picked up for this season, but the contract is still non-guaranteed.
3:56pm: The Cavaliers and Jarrett Jack have agreed on a four-year, $25MM deal, a source tells Marcus Thompson of the Bay Area News Group (Twitter link). Jack, like Carl Landry, spent last season with the Warriors, but with Landry set to sign with the Kings, it looks like both are headed for new teams. The last year of Jack's deal will be a team option, tweets Brian Windhorst of ESPN.com.
The Excel Sports Management client helped the Warriors off the bench last season, notching 12.9 points per game on 40.4% three-point shooting. It appears he'll fill the same sixth-man role for the Cavs behind guards Kyrie Irving and Dion Waiters, according to Windhorst (on Twitter). When I examined Jack's free agent stock this spring, I expected a team with cap space would make him an offer for a $6MM annual salary, and it looks like that's about what happened.
The Warriors, Nuggets and Mavs were among the teams that had contact with Jack on the first day of free agency, and Dallas appeared to be intensifying its pursuit after Dwight Howard turned them down. The Mavs agreed to sign Jose Calderon last night, so perhaps that prompted them to drop out of the race for Jack.
It looked like the Warriors were poised to renounce Jack's Bird rights yesterday, but assuming the Nuggets agreed to a sign-and-trade for Andre Iguodala, they wouldn't necessarily have had to do so, as Luke Adams of Hoops Rumors points out. Now, it's a moot point, since Jack and Landry, Golden State's 29-year-old bench free agents, are headed elsewhere.
It's the second signing of the summer for the Cavs, who also used some of their ample cap space on a two-year, $9MM deal for Earl Clark, as our free agent tracker shows. Jack's is the first of the deals to include guaranteed money beyond next season. Only Anderson Varejao's deal extends beyond 2014, though Jack and first-round picks Anthony Bennett and Sergey Karasev will add to next summer's ledger.