July 13th, 9:58pm: The signing is official, according to the team’s Twitter feed.
July 3rd, 4:05pm: The deal wouldn’t fit within the mid-level exception, Stein notes via Twitter. That exception would only allow for a total of $17,129,640 over three years, and while it’s not uncommon for initial reported figures on deals to be off, this appears to be confirm that the contract will exceed the exception amount. That means the Kings will likely use cap room and lose the ability to create trade exceptions for the three players they’ve agreed to trade to Philadelphia, as Eric Pincus of Basketball Insiders points out (on Twitter).
1:36pm: The Kings and Marco Belinelli have reached agreement on a deal worth $19MM over three years, reports Ramona Shelburne of ESPN.com (Twitter link). The contract will include no option clauses, tweets Ken Berger of CBSSports.com. Sacramento will likely use part of the cap space it’s set to clear in the wake of its trade agreement with the Sixers, though the deal is cheap enough to fit within the $5.464MM mid-level exception if the Kings choose to operate as an over-the-cap team.
The Hornets had reportedly planned a strong pursuit, and the Warriors had interest, too. The Heat put in a call to express their interest in the client of Sam Goldfeder and Jeff Schwartz, reports Barry Jackson of the Miami Herald (Twitter link), but Miami, like the Warriors, is likely limited to no more than the $3.376MM taxpayer’s mid-level exception. The Bulls might have gone after him if they’d have failed to sign Mike Dunleavy, as K.C. Johnson of the Chicago Tribune wrote, but they, too, would likely have been limited to the taxpayer’s mid-level.
Belinelli wanted to re-sign with the Spurs, as Jeff McDonald of the San Antonio Express-News heard (Twitter link). They were armed with Early Bird rights to bring him back on a deal comparable to the one he’s getting from the Kings, but they’re in hot pursuit of LaMarcus Aldridge, and may well have had to renounce Belinelli’s rights to squeeze Aldridge under the cap.
Sacramento moves on from having missed out on Monta Ellis and Wesley Matthews with a proven three-point marksman who’s nailed 39.2% of his attempts from behind the arc for his career. Still, outside of two seasons in New Orleans, he’s primarily been a reserve during his eight years in the NBA.