6:03pm: The three-day clock on the Parsons offer sheet will begin tonight at 11pm CDT, reports Dwain Price of the Fort Worth Star Telegram (Twitter link), giving the Rockets until Sunday at that time to match. In a separate tweet, Price reports that the deal will pay Parsons $14.7MM next season, $15.36MM in 2015/16 and $16.02MM in 2016/17 for a total of $46.08MM over three years. Price also confirms the third year is a player option.
1:59pm: The Rockets have received the signed offer sheet from the Mavs, USA Today’s Sam Amick reports, so the possibility of a sign-and-trade is out and Houston’s three-day window to match will begin (Twitter link).
1:24pm: Parsons indeed signed the offer sheet, Wojnarowski clarifies, but it simply hasn’t been delivered to the Rockets, meaning it’s not official yet, and the clubs can continue to work toward a sign-and-trade (Twitter link).
12:55pm: Dallas and Houston are indeed in talks about a sign-and-trade involving Parsons, according to Adrian Wojnarowski of Yahoo! Sports (Twitter link). Wojnarowski also says Parsons has yet to sign an offer sheet, repeating what Nelson told reporters earlier today. That’s in spite of the earlier report to the contrary and photos of Parsons signing paperwork that Mavs owner Cuban posted to a social media site, as Eddie Sefko of the Dallas Morning News observed.
11:57pm: Nelson told reporters that the plan is to submit the offer sheet by the end of the night, notes Jeff Caplan of NBA.com (on Twitter), so it appears that’s the deadline for working out a sign-and-trade.
11:52pm: A possible sign-and-trade is in play for the Mavs and Rockets regarding Parsons, which is why Dallas is hesitating to submit the offer sheet, tweets Eddie Sefko of the Dallas Morning News.
11:36am: Mavs GM Donnie Nelson said the team hasn’t submitted any offer sheets, tweets Earl K. Sneed of Mavs.com. That suggests that while Parsons may have indeed signed the offer sheet, the Mavs haven’t officially given the Rockets notice, as required, to begin the three-day matching period.
10:37am: If the Rockets sign Bosh, they intend to match the offer sheet for Parsons if they can before their time to do so runs out, a source tells Jonathan Feigen of the Houston Chronicle (Twitter link). If they don’t sign Bosh, Houston is undecided on matching, Feigen adds.
THURSDAY, 8:04am: Parsons has signed the offer sheet, as Tim MacMahon of ESPNDallas.com writes, but there’s been no announcement from the Mavs, so it’s unclear whether the Rockets have been officially notified and their three-day window to match the offer sheet has begun. The value of the trade kicker is the maximum 15%, according to Spears (Twitter link).
WEDNESDAY, 8:06pm: The deal includes a trade kicker, tweets Spears.
5:56pm: The Mavs and Chandler Parsons have reached an agreement on an offer sheet for three years and approximately $46MM. The third year is a player option, tweets Marc J. Spears of Yahoo! Sports. Marc Stein of ESPN.com was the first to report the agreement (on Twitter), and Adrian Wojnarowski of Yahoo! Sports has confirmed the pending deal (via Twitter). The max salary for a player of Parsons’ status on a three-year deal would be $46,228,710, as we learned earlier today, so Dallas has offered the max or close to it to the small forward.
Parsons will sign the offer sheet when the league moratorium is lifted at 12:01am EDT, a source tells Spears (Twitter link), and the Rockets will have three days to match the deal for their restricted free agent. Houston will be faced with a 72-hour window to resolve its pursuit of Chris Bosh if they want to retain both Parsons and add the Heat veteran, as Parsons currently minuscule cap hold will turn into a massive amount of salary if they match Dallas’ offer. The Rockets would no longer have room to sign Bosh at the max level in that scenario.
Houston chose to decline the slender $960K team option for Parsons this season in a move that preserved their right to match offers for the third-year forward in restricted free agency rather than see him become an unrestricted free agent next summer. Houston has planned on retaining Parsons through this process, although the outcome of their respective pursuits of Carmelo Anthony, Bosh, and LeBron James could have altered those plans. GM Daryl Morey has been in contact with the agents for Trevor Ariza, Luol Deng, and Paul Pierce today, tweets Wojnarowski and Sam Amick of USA Today, three small forwards that would make sense as contingency plans in the event Houston doesn’t match Dallas’ offer. As it stands, Houston hasn’t been notified that they are out of the running on Anthony or James, but don’t appear to be front runners for either star.