1:35pm: The signing is official, the team announced.
12:13pm: It is indeed the qualifying offer that Dellavedova will sign, McMenamin writes in a full story, which puts his reporting in agreement with that of Mannix.
10:56am: The Cavaliers will re-sign Matthew Dellavedova to a one-year deal worth about $1.2MM, reports Dave McMenamin of ESPN.com (Twitter link). Chris Mannix of SI.com indicates that the Bill Duffy client is taking his qualifying offer (Twitter link), which is worth $1,147,276. Either way, it’ll likely cost the Cavs nearly four times as much in luxury tax penalties. The restricted free agent nonetheless appears to be taking a sharp discount from the $4MM he was reportedly seeking.
Dellavedova, who went undrafted in 2013, quickly established himself as an NBA player and further proved his worth in this year’s playoffs, and especially in the Finals, when he served as a fill-in for the injured Kyrie Irving. GM David Griffin made it clear he wanted him back, but Cleveland’s tax concerns appeared to slow negotiations. Dellavedova wanted to move on a deal at this point in part because of a desire to have his future settled before he starts playing for the Australian national team this summer, as Marc Stein of ESPN.com hears (Twitter link). The Cavs can make him a restricted free agent again next summer, since he’ll only have three years of service.
The deal puts a further squeeze on J.R. Smith, who remains unsigned, though Dellavedova’s willingness to sacrifice ostensibly leaves more flexibility for the team to pay Smith what he would like to make, depending on just how much tax owner Dan Gilbert wants to shell out. The Cavs sliced their projected luxury tax bill to little more than $4MM when they agreed to trade Mike Miller along with Brendan Haywood to the Trail Blazers, but that doesn’t include what they’d have to pay for Dellavedova’s salary, nor does it take into consideration a new deal for Tristan Thompson, who remains a restricted free agent.
Is this a fair deal for Dellavedova, or should he have held out for more? Leave a comment to tell us what you think.