3:44pm: The Rockets have finally followed up with an official announcement via press release.
AUGUST 24TH, 2:07pm: Terry says via Twitter that he’s officially signed (hat tip to Jonathan Feigen of the Houston Chronicle). The team has made no formal announcement, though GM Daryl Morey has acknowledged the signing with a tweet of his own.
AUGUST 19TH, 3:50pm: Terry has confirmed that he’ll be returning to Houston for the 2015/16 campaign, Mark Berman of FOX 26 tweets.
10:46pm: Along with Berman, Jonathan Feigen of the Houston Chronicle and John Reid of the Times Picayune all hear that Terry has made up his mind to sign with the Rockets for the minimum salary (three Twitter links). Watkins also adds to his earlier report (on Twitter), citing a source who says the Rockets expect Terry to officially sign Wednesday.
9:47pm: Terry will decide between the Rockets and Pelicans on Wednesday morning, Watkins tweets, contradicting Charania’s previous report that Terry has made up his mind to return to Houston next season.
AUGUST 18TH, 9:09pm: Jason Terry has decided to re-sign with the Rockets on a one-year deal, according to Shams Charania of RealGM. The Pelicans made a strong push to ink the veteran guard, as Charania notes and as Mark Berman of FOX 26 passed along in a story last week, but he instead appears poised to re-join Houston for the 2015/16 season. The Jazz were another team that the RealGM scribe reports had strong interest in Terry.
A report shortly after players became eligible to sign new contracts in July indicated that Terry was close to returning to Houston on a one-year deal, but an agreement apparently didn’t come to fruition until recently, just over a week after ESPN’s Calvin Watkins reported the Rockets were unsure if they were still in the mix to land the 37-year-old guard. The move, once official, will give Houston 13 fully guaranteed contracts for the upcoming year, presuming Terry is getting a full guarantee. The Rockets have yet to sign second-round selection Montrezl Harrell.
Charania pegs the value of Terry’s deal to be $1.5MM, although he is potentially rounding up since a minimum-salary contract for a player with 10 or more years of experience is worth slightly less than that at $1,499,187. If the deal is indeed for the minimum salary, it preserves a portion of the mid-level exception for Harrell. Terry’s minimum salary is $1,499,187, but the Rockets would only have to pay $947,276, the equivalent of the two-year veteran’s minimum, since it’s a one-year deal. It’s unclear how much partially guaranteed money Chuck Hayes has, but without him, a fully guaranteed deal for Terry would leave the Rockets about $2.5MM shy of the $88.74MM hard cap they’d trigger if they give Harrell a deal that either runs longer than two years, is worth more than the minimum, or both.
The Rockets renounced Terry’s Bird Rights earlier this month, meaning they couldn’t offer him any more than the approximately $2MM they had remaining on their mid-level exception, although they came to terms on a deal worth the minimum salary. Houston will save more than the difference between the two figures, however, since the Rockets are a taxpaying team.
Although Terry’s most formidable years are behind him, he’s capable of contributing in a limited capacity off the bench. In 77 appearances for Houston last season, Terry averaged 7.0 points and 1.9 assists in 21.3 minutes per contest. He saw an expanded role in the postseason when Patrick Beverley was sidelined with an injury, posting nightly marks of 9.2 points and 2.8 points in 28.6 minutes. With Ty Lawson and Beverley likely atop the depth chart at point guard, Terry seems positioned to play limited minutes and provide another veteran presence for a team hoping to contend for a title in 2015/16.