9:56am: Pargo's deal with CSKA Moscow is actually worth $5.2MM in total, for two years, agent Brad Ames tells Adrian Wojnarowski of Yahoo! Sports (Twitter link). For a player whose largest NBA contract was a two-year, $2MM pact, that's a pretty strong incentive to head overseas.
FRIDAY, 2:04pm: Pargo's deal with CSKA Moscow will be a two-year pact that he intends to play out, tweets Shams Charania of RealGM.com. The wording of Charania's tweet suggests Pargo will earn $2.2MM in total, rather than annually, which would make more sense.
10:00am: After having been released by both the Cavaliers and 76ers during the 2012/13 season, Jeremy Pargo appears to be lining up a deal to play overseas. According to Emiliano Carchia and David Pick of Sportando, Pargo has agreed to terms with CSKA Moscow. Pick tweets that the deal would pay the point guard $2.2MM, which almost certainly exceeds any salary he'd land in the NBA.
Pargo, the younger brother of Jannero Pargo, appeared in a total of 39 games for the Cavs and Sixers in '12/13, averaging 6.8 PPG and 2.4 APG in 16.8 minutes per contest. His most successful stretch of the season came when he was subbing in for the injured Kyrie Irving in Cleveland, recording double-digit points in seven games -- that run included a 28-point performance against the Sixers, the team he'd join a few weeks later. The 27-year-old is also no stranger to international ball, having previously played for two Israeli teams from 2009 to 2011.
Assuming the deal is finalized, Pargo will be far from the first player to make the jump from the NBA to CSKA Moscow. Past and present NBA veterans such as Andrei Kirilenko, Alexey Shved, Sonny Weems, and Nenad Krstic have played for the European powerhouse in just the last couple years.
9:48am: The Sixers have officially signed Holiday and waived Pargo, the team announced via press release. The release doesn't specify whether Holiday signed a 10-day contract or a lengthier deal, though according to Mitchell, the deal is for the rest of 2012/13. Pargo departs the team after signing a 10-day contract in February followed by a deal that covered the rest of the season. Philadelphia is on the hook for a prorated portion of the minimum salary for Pargo even though he won't be on the roster anymore. All told, Pargo will make about $265K from the Sixers this year.
MONDAY, 7:59am: Holiday has a signed contract and will be at Sixers practice Monday, according to John Mitchell of the Philadelphia Inquirer. The team will likely waive Pargo or Jenkins to make room.
SATURDAY, 11:29pm: The Sixers will sign shooting guard Justin Holiday, the older brother of All-Star point guard Jrue Holiday, tweets Marc J. Spears of Yahoo! Sports. The Sixers are at the 15-man roster limit, so they'll have to waive someone on a guaranteed contract to fit Holiday in. It's unclear whether the deal is a 10-day contract or covers the rest of the season.
Holiday has averaged 17.0 points, 5.2 rebounds and 2.5 assists per game for the D-League's Idaho Stampede this season, having spent the year with the club after the Blazers waived him at the end of training camp. The Blazers appeared high on the 6'6" 23-year-old, claiming him off waivers from the Cavs during camp and protecting his D-League rights so they could keep him on their affiliate. Portland never elected to re-sign him during the regular season, however.
I wouldn't be surprised if the Sixers are bringing Holiday aboard on a rest-of-the-season deal with a team option or non-guaranteed year that covers 2013/14. With the team five and a half games out of the playoffs with nine games left to play, there'd be little reason to waive a guaranteed deal just to sign a guy to a 10-day contract, but we'll see. The most likely candidates to go appear to be Royal Ivey, Charles Jenkins and Jeremy Pargo, all of whom are on minimum-salary deals. Damien Wilkins is also making the minimum, but he's been a part of the team's starting lineup of late.
4:45pm: The Sixers have officially signed Pargo a contract for the remainder of the season, the team announced today in a press release.
12:34pm: Following the expiration of Jeremy Pargo's 10-day contract with the 76ers, the team has agreed to re-sign the point guard to a rest-of-season deal, according to Adrian Wojnarowski of Yahoo! Sports (via Twitter).
No corresponding move to clear a spot on the roster will be necessary for the Sixers, who had been carrying 13 players. Even with Pargo under contract for the rest of the season, the club will have one open roster spot to facilitate a trade or sign another free agent.
Pargo, who appeared in 25 games for the Cavaliers earlier this season, was released by Cleveland when the team acquired three Grizzlies players in exchange for Jon Leuer. The Sixers signed Pargo to a 10-day deal back on February 7th, and saw the 26-year-old averaged 8.0 PPG and 2.7 APG in three contests before deciding to re-sign him for the season.
The Sixers have signed Jeremy Pargo to a 10-day contract, the team announced today in a press release. No corresponding move will be required, as the team had two open roster spots after deciding not to re-sign Shelvin Mack when his second 10-day deal expired.
After appearing in 44 games last season for the Grizzlies, Pargo was dealt to the Cavaliers, where he averaged 7.8 PPG in 25 contests, including 11 starts, in 2012/13. However, the 26-year-old was the odd man out when Cleveland acquired Marreese Speights, Wayne Ellington, and Josh Selby from Memphis last month, and was waived to clear room on the roster.
Since the contract guarantee deadline passed a month ago, the Sixers have employed a revolving-door approach, using 10-day contracts to bring aboard a number of guards. Prior to Mack's two 10-day deals, the team had signed Maalik Wayns to a 10-day contract.
Pargo's older brother, Jannero Pargo, is also currently on a 10-day contract, with the Hawks.
Shorthanded following the completion of the Rudy Gay trade, the Pistons and Raptors were both beaten in their respective games on Wednesday night. Tonight, in the first game of the post-Gay era in Memphis, the Grizzlies will be tasked with what would be a tough matchup under normal circumstances, as they travel to Oklahoma City to face the Thunder. While we look forward to that game, let's round up a few odds and ends from around the NBA:
The Grizzlies and Cavaliers have offically finalized a deal that sends Marreese Speights, Wayne Ellington, Josh Selby and a protected first-round draft pick to Cleveland in exchange for Jon Leuer, according to Brian Windhorst of ESPN.com (via Twitter). The Cavaliers have waived Jeremy Pargo to clear room on their roster for the incoming players.
Memphis has been at the center of a number of trade rumors this month, a result of the team's reported desire to get below the tax line. While most of those rumors have involved more expensive players like Rudy Gay and Zach Randolph, I noted last week that Speights was another candidate to be dealt, since moving his $4MM+ salary would be enough to get the Grizzlies out of the tax. That's essentially what Memphis is doing in this deal with the Cavs, moving Speights along with Ellington's $2.08MM expiring contract. Selby and Leuer are a wash, earning identical $762,195 salaries.
Cleveland has the room to absorb Ellington's and Speights' salaries under the cap, while the Grizzlies will move below the tax line for 2012/13. Memphis should also obtain a handful of trade exceptions in the transaction, worth the amount of Speights', Ellington's, and Selby's salaries -- $4,200,000, $2,083,042, and $762,195 respectively.
Speights, 25, was a productive rotation piece for the Grizzlies last year after the team acquired him from the 76ers, starting 54 contests for the club and averaging 8.8 PPG and 6.2 RPG. However, he has seen a reduced role in Memphis this season, with his minutes being reduced from 22.4 per game to 14.5. Because he was playing on a one-year contract (excluding his second-year player option) following his rookie deal, the forward had the rights to veto a trade, but he agreed to be dealt to the Cavs due to that lack of playing time in Memphis, according to Ronald Tillery of the Memphis Commercial Appeal (Twitter link).
For the Cavaliers, Selby and Memphis' pick act as sweeteners to compensate the Cavs for taking on salary, including Speights' $4.52MM player option for 2013/14. Joel Brigham of HoopsWorld wrote yesterday that Selby, who excelled in the Summer League in July, was waiting for an opportunity to try to translate that success to the regular season. He figures to have a better chance to receive that opportunity in Cleveland.
Meanwhile, the first-rounder heading to the Cavs is protected from 1-5 and 15-30 in 2015 and 2016, before being top-five protected in 2017 and 2018 and unprotected in 2019. Like the first-rounder that was traded by the Raptors to the Rockets (and eventually to the Thunder) over the summer, the unique protection makes it a likely lottery pick.
Despite clearing Speights from next year's books, the Grizzlies still project to be likely taxpayers in 2013/14 and '14/15, so as Grantland's Zach Lowe points out (via Twitter), the club could explore more cost-cutting deals in the summer. The trade also brings the Grizzlies' roster to 11 players, two below the NBA minimum, so free agent signings will be required. Memphis is currently considering Delonte West and Bill Walker, among others.
Marc J. Spears of Yahoo! Sports (Twitter links), Brian Windhorst of ESPN.com (Twitter links), Steve Kyler of HoopsWorld (all Twitter links), and Jason Lloyd of the Akron Beacon Journal (Twitter link) were all involved in breaking various details of the story.
The latest news and notes from around the Central Division on Thursday afternoon:
NBA GMs were polled recently about their thoughts on the upcoming season, and one of the more intriguing revelations is that the Pacers received more votes to win the Central Division than the Bulls, who have finished with the league's best record two seasons in a row but are now without Derrick Rose. Bulls coach Tom Thibodeau is unfazed by the prediction, as Jesse Rogers of ESPNChicago.com notes. Here's more from around the Central.
In this morning's round-up of Celtics items, we linked to ESPN The Magazine's 2012/13 NBA projections, which included the Celtics as a No. 4 seed in the East, behind the Knicks (No. 3). While those ranks are somewhat surprising, the team that ESPN and Basketball Prospectus placed directly behind the top-seeded Heat is even more of a shock: The Hawks will be the East's second-best team, according to the magazine's predictions. We've got updates on Atlanta and a few other Eastern Conference clubs, so let's check them out....