Kemba Walker Announces Retirement
Veteran NBA guard Kemba Walker announced today (via Instagram) that he has decided to retire as a professional basketball player.
“I want to start this by thanking God for everything he has given me. Basketball has done more for me than I could’ve ever imagined, and I am super thankful for the amazing journey I’ve had,” Walker said in his announcement. “With that, I’m here to share that I am officially retiring from the game of basketball. This has all been a dream. When I look back, I still can’t believe the things I achieved in my career.
“… Basketball will forever be a part of my life so this isn’t goodbye,” he added. “I’m excited for what’s next.”
The ninth overall pick in the 2011 draft, Walker became the Hornets‘ full-time starting point guard in his second NBA season and maintained that role through the 2018/19 campaign, earning three All-Star berths and averaging 19.8 points, 5.5 assists, and 3.8 rebounds in 34.1 minutes per game across 605 total regular season games during his time in Charlotte.
Walker left the Hornets for the Celtics during the 2019 offseason and made another All-Star game during his first year in Boston. However, knee issues slowed him down well before the expiration of his four-year, maximum-salary contract with the Celtics. He was traded during the 2021 offseason to the Thunder, who bought him out.
Walker subsequently appeared in 37 games with his hometown Knicks in 2021/22 and nine contests with the Mavericks in ’22/23 before playing for AS Monaco in the EuroLeague in his final professional season in ’23/24.
Walker still holds numerous franchise records in Charlotte. He’s the franchise’s all-time leading scorer with over 12,000 points and has more made three-pointers (1,283) than any other player in team history.
The 34-year-old also won an NCAA title with UConn in 2011 and made an All-NBA third team during his last year as a Hornet in 2019.
Latest On DeMar DeRozan
There’s mutual interest between the Heat and free agent forward DeMar DeRozan, a pair of sources with knowledge of the situation tell Barry Jackson and Anthony Chiang of The Miami Herald.
DeRozan is one of the top players left on the marketplace, having come in at No. 6 in our list of top 50 free agents. He led the NBA in total minutes played in 2023/24, averaging 24.0 points, 5.3 assists, and 4.3 rebounds per game with a shooting line of .480/.333/.853.
Despite the mutual interest, there’s not a clear path for Miami to offer DeRozan the sort of contract he’s seeking. As Jackson and Chiang write, the Heat are currently a first-apron team, so the best they could do would be the $5.2MM taxpayer mid-level exception. A sign-and-trade deal isn’t an impossibility, but it would require them to shed salary, since a team that acquires a player via sign-and-trade becomes hard-capped at the first apron, so it could get complicated.
DeRozan isn’t expected to return to the Bulls, but Jackson and Chiang hear that “several” teams remain in play for the six-time All-Star. One of those clubs is the Lakers, as we previously relayed. ESPN’s Adrian Wojnarowski confirmed L.A.’s interest during a SportsCenter appearance on Tuesday (YouTube link), but reiterated that it won’t be easy for the Lakers and other over-the-cap suitors to negotiate a sign-and-trade deal.
“I think there’s interest in DeMar DeRozan, but the kind of contract that he might want just is not going to be available,” Wojnarowski said. “It’s not left out there in the marketplace. The Bulls are more than willing to work on a sign-and-trade agreement to get him the years and money that he might want, but with the new salary cap rules, those are much more difficult for teams to do.
“… In DeMar DeRozan’s case, and it may not be as appealing to him, but it may look like a one-year deal somewhere, let the market reset next year. Because if you do a sign-and-trade, it’s got to be at least three years and now you’re locked into a three-year deal at a number you may not like.”
DeRozan’s free agency this summer is somewhat reminiscent of his 2021 free agency. When he hit the market three years ago, teams like the Lakers and Clippers were viewed as suitors but didn’t have the financial means to make him a competitive offer. It briefly looked like he might accept a discount to return to his hometown, but he ultimately landed with the Bulls on a three-year, $82MM deal via sign-and-trade.
It seems less likely this time around that a suitor will emerge to make DeRozan a huge three-year offer. Still, it’s worth noting that settling for a one-year contract in the hopes of securing a larger payday next summer – as Woj suggests – would be risky move for a player who will turn 35 next month.
Second-Round Pick Exception Details For 2024/25
As we outlined last summer when it was introduced as a new addition to the NBA’s Collective Bargaining Agreement, the second-round pick exception allows NBA teams to sign their second-round picks to standard contracts without requiring cap room or another exception (such as the mid-level) to do so.
Like the rookie scale exception, the second-round pick exception isn’t limited to a single use. It can be deployed as many times as needed in a given league year.
The second-round exception can be used to sign a player to either a three-year contract that includes a third-year team option or a four-year contract that features a fourth-year team option.
Teams made good use of the new exception right away last season. Of the 15 second-round picks in the 2023 draft who didn’t sign two-way contracts and who didn’t remain overseas for the year, 14 were signed using the second-round exception. The 15th, Tristan Vukcevic, didn’t sign until March, at which point the Wizards used a piece of the mid-level exception to give him a higher first-year salary than the second-round exception would’ve allowed for.
The values of the second-round pick exception change every year along with the NBA’s minimum salary scale, so with this year’s second-rounders starting to sign, it’s worth updating the numbers from the article we published a year ago to ensure they’re accurate for 2024/25.
Here are the details for ’24/25:
Three-year deal
- The first year can be worth up to the minimum salary for a player with one year of NBA experience.
- The second and third years are worth the second- and third-year minimum salaries for a rookie.
- The third year is a team option.
As our chart of minimum salaries shows, in 2024/25, the maximum three-year salary for a contract with this structure would be about $6.1MM. Here’s the year-by-year breakdown (option year in italics):
| Year | Salary |
|---|---|
| 2024/25 | $1,862,265 |
| 2025/26 | $1,955,377 |
| 2026/27 | $2,296,271 |
| Total | $6,113,913 |
While the second- and third-year salaries will remain static in any three-year contract signed using the second-round exception, the first season can be as low as the rookie minimum ($1,157,153). For instance, Heat second-rounder Pelle Larsson reportedly signed a contract that begins at that number, so the overall value of his deal is about $5.4MM.
Four-year deal
- The first year can be worth up to the minimum salary for a player with two years of NBA experience.
- The second year can be worth up to the second-year minimum salary for a player with one year of experience.
- The third and fourth years are worth the third- and fourth-year minimum salaries for a rookie.
- The fourth year is a team option.
In 2024/25, the maximum four-year salary for a contract with this structure would be over $9MM. Here’s what it looks like from year to year (option year in italics):
| Year | Salary |
|---|---|
| 2024/25 | $2,087,519 |
| 2025/26 | $2,191,897 |
| 2026/27 | $2,296,271 |
| 2027/28 | $2,486,995 |
| Total | $9,062,682 |
As with the first year of the three-year deal, the first two seasons of the four-year contract don’t necessarily have to start this high. They could be as low as $1,157,153 for year one and $1,955,377 for year two. That’s what Bronny James‘ contract with the Lakers will look like, for example, meaning his deal will be worth a total of about $7.9MM instead of $9MM+.
In any deal that uses this four-year contract structure, the salary increase between the first and second season can’t exceed 5% if the second season is above the minimum. For instance, a team wouldn’t be permitted to negotiate a contract that starts at the rookie minimum ($1,157,153) and jumps to $2,100,000 in year two.
Players who are signed using the second-round pick exception don’t count against a team’s cap between July 1 and July 30 of their first season.
That rule allows teams to preserve all the cap room they need until July 31 without having to worry about their second-rounders cutting into it, as well as positioning those players to sign their first NBA contracts before taking part in Summer League games.
Spurs Sign Stephon Castle To Rookie Scale Contract
No. 4 overall pick Stephon Castle has signed his first NBA contract, having finalized his rookie scale deal with the Spurs, according to NBA.com’s transaction log. The team has confirmed the news in a press release.
Castle, 19, is entering the NBA after winning a national championship at UConn in his first and only college season. The 6’6″ guard averaged 11.1 points, 4.7 rebounds, and 2.9 assists in 27.0 minutes per game for the Huskies, earning Big East Freshman of the Year honors and cementing his place as an NBA lottery pick.
Castle struggled as a shooter last season, making just 26.7% of his three-point tries, but he’s a strong defender who will become part of the long-term core in San Antonio alongside Victor Wembanyama. While he views himself as a point guard, the rookie is unlikely to start at the point in 2024/25 for the Spurs, who are poised to bring in Chris Paul in free agency.
As our breakdown of this year’s rookie scale salaries show, Castle’s four-year contract is expected to be worth about $41.4MM, with a first-year salary of $9.1MM.
Heat Sign Second-Rounder Pelle Larsson
The Heat have officially signed second-round pick Pelle Larsson to his first NBA contract, the team announced today in a press release.
Larsson was selected with the 44th pick in this year’s draft. The Rockets technically made the selection on Miami’s behalf, then sent the rookie’s rights to the Heat in a three-team trade that also involved the Hawks.
Larsson played three years of college ball at Arizona after spending his freshman season at Utah. In 2023/24, the 6’5″ wing averaged 12.8 points, 4.1 rebounds, and 3.7 assists in 30.1 minutes per game across 36 starts for the Wildcats, with a strong .519/.426/.750 shooting line.
Terms of Larsson’s deal weren’t disclosed by the Heat, but Anthony Chiang of The Miami Herald (Twitter links) hears that the team used the second-round pick exception to give him a three-year contract that starts at the rookie minimum (approximately $1.16MM). That means he’ll occupy a spot on Miami’s 15-man roster and the club will hold an option on him for the 2026/27 season.
The deal will be fully guaranteed in 2024/25, with a significant partial guarantee in year two, tweets Michael Scotto of HoopsHype.
The Heat have been busy on the transaction wire in the last 24 hours. Besides finalizing Larsson’s contract, they also signed a trio of players to two-way deals and completed Kel’el Ware‘s rookie scale contract.
Free Agency Rumors: Theis, Magic, Heat, Raptors, Rockets
Veteran center Daniel Theis has received interest in free agency from several suitors, including the Grizzlies, Pelicans, and Bucks, reports Kelly Iko of The Athletic (Twitter link).
Theis won the 2023 FIBA World Cup with Germany last year, then joined the Clippers in the fall after negotiating a buyout with the Pacers. He served as the backup center in Los Angeles while Mason Plumlee missed time due to an injury and averaged 6.3 points, 4.1 rebounds, and 0.9 blocks in 17.1 minutes per game across 59 outings.
A second-apron team, Milwaukee is limited to offering minimum-salary contracts to outside free agents, while Memphis and New Orleans have financial constraints of their own to consider, so Theis is unlikely to secure a big payday from any of those suitors. Still, they could certainly offer him a path to playing time.
The Grizzlies traded away Steven Adams and Xavier Tillman last season, while New Orleans lost Jonas Valanciunas and Larry Nance Jr. this summer. Milwaukee has Brook Lopez manning the middle, but his name came up in trade rumors last month.
Here are a few more free agency notes from around the NBA:
- Although the Magic still have a chunk of cap room left over, they don’t appear to be aggressively pursuing outside free agents using that room. Jason Beede of The Orlando Sentinel (subscription required) hears that there continues to be mutual interest in new deals for free agents Moritz Wagner and Joe Ingles — if both players return, Orlando would have 15 players on standard contracts. A report on Monday suggested the team is also exploring using some cap room to renegotiate and extend Jonathan Isaac‘s contract.
- Caleb Martin doesn’t have a deal in place with a new team yet, but Ira Winderman of The South Florida Sun Sentinel (Twitter link) still views him as “all but gone” from the Heat. Re-signing Haywood Highsmith remains a possibility for Miami, per Winderman, who says the team may also sign another veteran free agent for the minimum. Winderman names Dennis Smith Jr. as a possible Heat target.
- Free agent wing Gary Trent Jr. appears likely to leave the Raptors, according to Eric Koreen of The Athletic. As Koreen details, Toronto’s agreement with Garrett Temple means there are already 15 players projected to be on guaranteed contracts if second-round picks Jonathan Mogbo and Jamal Shead are signed using the second-round exception, as expected. In other words, the team’s free agent business might be just about done.
- Kelly Iko of The Athletic hears that Trent had some interest in reuniting with former teammate Fred VanVleet in Houston, but the Rockets are another team who likely won’t do much more free agent shopping. Following the additions of Reed Sheppard and AJ Griffin, along with a new deal with Aaron Holiday, Houston projects to have 15 players under contract. While the Rockets would certainly still be interested in acquiring a young star, the two players they’ve been monitoring most closely, per Iko – Donovan Mitchell and Devin Booker – aren’t available, and the asking price for Jazz forward Lauri Markkanen was considered too high.
L.A. Notes: Lakers, Klay, DeRozan, Clippers, George, Batum
The Lakers are believed to have made a bid for Klay Thompson that would’ve been for more years and more overall money than the three-year, $50MM deal he accepted from the Mavericks, according to reports from Dan Woike of The Los Angeles Times and Tim MacMahon of ESPN on the Hoop Collective podcast (hat tip to RealGM). Los Angeles would have had to send out salary and assets in a sign-and-trade to make such an offer.
The Lakers were “extremely intriguing” to Thompson, says ESPN’s Adrian Wojnarowski. However, sources tell Wojnarowski that the Mavericks’ NBA Finals run and the financial advantages of living in Texas were among the deciding factors for the veteran sharpshooter, who will be joining a new team for the first time since entering the NBA in 2011.
LeBron James reportedly made a recruiting call to Thompson when free agency opened and the Lakers had a face-to-face meeting with the 34-year-old on Sunday night, per Marc Stein (Twitter link). But, as Stein writes, the Mavs had Thompson’s former USA Basketball teammate Kyrie Irving on their side for recruiting purposes and were able to secure Thompson’s commitment following their own face-to-face meeting.
Here’s more out of Los Angeles:
- Having missed out on Thompson, the Lakers shifted their focus to DeMar DeRozan, Jovan Buha of The Athletic confirms. LeBron James would reportedly be willing to accept a pay cut to accommodate the acquisition of DeRozan, so L.A. could theoretically offer the free agent forward more than the full mid-level exception via a sign-and-trade. But negotiating such a deal would be tricky, since the Bulls will want assets in return and likely won’t be open to taking back much – if any – salary due to their own financial situation.
- It’s unclear if there are any other free agent targets left on the board for whom James would take a discount, so if the Lakers are unable to land DeRozan, LeBron would likely be on track to sign a maximum-salary contract with the team, Buha notes.
- Buha adds that the Lakers have been active in trade talks in recent days, discussing possible deals with the Trail Blazers, Nets, and Jazz, among other clubs. Previous reporting has suggested the Lakers have some level of interest in Jerami Grant (Portland) and Cameron Johnson (Brooklyn); Utah has plenty of cap room available and could potentially take on salary as a third team in a sign-and-trade for DeRozan, though that’s just my speculation. The Jazz are also believed to be open to listening to inquiries on some of their veterans, including Lauri Markkanen (to be clear, the Lakers aren’t among the teams that have been linked to Markkanen so far).
- Besides being unwilling to offer Paul George a fourth year, the Clippers also didn’t include a no-trade clause in their proposal to the star forward, ESPN’s Wojnarowski said during a SportsCenter appearance (hat tip to RealGM). George would have been eligible for a no-trade clause with the Clippers because he was signing a free agent contract, had at least eight years of NBA experience, and had spent at least four years with the team.
- Sixers star Joel Embiid was pushing for a return to Philadelphia for Nicolas Batum, who also drew interest from the Bucks, among other teams, reports Tomer Azarly of ClutchPoints. However, Batum – who played for the Clippers from 2020-23 – still has family in Los Angeles and considers it home, per Azarly. Azarly adds that the forward’s relationships with head coach Tyronn Lue and some front office members also factored into his decision to return to L.A. on a two-year deal.
Rookie Scale Salaries For 2024 NBA First-Round Picks
With the NBA’s salary cap set at $140,588,000 for the 2024/25 league year, the rookie scale has been set as well. The rookie scale locks in the value of contracts for first-round picks.
In every NBA league year, rookie scale amounts are assigned to each first-round slot, from No. 1 through No. 30. Teams can sign their first-rounders to as little as 80% of that rookie scale amount, or up to 120% of that figure.
While that rule theoretically affords teams some flexibility, first-round picks virtually always sign contracts worth 120% of their rookie scale amount, and unsigned first-rounders have a cap hold worth 120% of their rookie scale amount.
Listed below are the salary figures that represent 120% of the rookie scale amounts for 2024’s first-round picks. If a first-round pick signs a rookie scale contract in 2024/25, it will be for the amount below unless he accepts a deal worth less than the maximum allowable 120%.
These salary figures will only apply if the player signs in 2024/25. If a player doesn’t sign an NBA contract this year, his rookie contract will look a little different in future seasons.
Rookie scale contracts are guaranteed for the first two years, with team options on the third and fourth years.
Here’s the 2024 breakdown:
| No. |
2024/25 | 2025/26 | 2026/27 | 2027/28 | Total |
|---|---|---|---|---|---|
| 1 | $12,569,040 | $13,197,720 | $13,826,040 | $17,434,636 | $57,027,436 |
| 2 | $11,245,680 | $11,808,240 | $12,370,680 | $15,611,798 | $51,036,398 |
| 3 | $10,098,960 | $10,603,560 | $11,108,880 | $14,041,624 | $45,853,024 |
| 4 | $9,105,120 | $9,560,520 | $10,015,920 | $12,670,139 | $41,351,699 |
| 5 | $8,245,320 | $8,657,280 | $9,069,600 | $11,491,183 | $37,463,383 |
| 6 | $7,488,720 | $7,863,240 | $8,237,880 | $10,445,632 | $34,035,472 |
| 7 | $6,836,400 | $7,178,400 | $7,519,920 | $9,550,298 | $31,085,018 |
| 8 | $6,262,920 | $6,576,120 | $6,889,320 | $8,763,215 | $28,491,575 |
| 9 | $5,756,880 | $6,045,000 | $6,332,760 | $8,067,936 | $26,202,576 |
| 10 | $5,469,120 | $5,742,480 | $6,015,600 | $7,669,890 | $24,897,090 |
| 11 | $5,195,520 | $5,455,560 | $5,715,360 | $7,584,283 | $23,950,723 |
| 12 | $4,935,960 | $5,182,920 | $5,429,760 | $7,482,209 | $23,030,849 |
| 13 | $4,689,000 | $4,923,720 | $5,158,080 | $7,370,896 | $22,141,696 |
| 14 | $4,454,880 | $4,677,600 | $4,900,560 | $7,257,729 | $21,290,769 |
| 15 | $4,231,800 | $4,443,360 | $4,654,920 | $7,135,992 | $20,466,072 |
| 16 | $4,020,360 | $4,221,360 | $4,422,600 | $6,784,268 | $19,448,588 |
| 17 | $3,819,120 | $4,010,160 | $4,201,080 | $6,452,859 | $18,483,219 |
| 18 | $3,628,440 | $3,809,520 | $3,991,200 | $6,138,466 | $17,567,626 |
| 19 | $3,465,000 | $3,638,160 | $3,811,800 | $5,870,172 | $16,785,132 |
| 20 | $3,326,160 | $3,492,480 | $3,658,560 | $5,641,500 | $16,118,700 |
| 21 | $3,193,200 | $3,353,040 | $3,512,760 | $5,595,827 | $15,654,827 |
| 22 | $3,065,640 | $3,218,760 | $3,372,120 | $5,547,137 | $15,203,657 |
| 23 | $2,795,294 | $3,090,480 | $3,237,120 | $5,493,393 | $14,616,287 |
| 24 | $2,825,520 | $2,966,760 | $3,108,000 | $5,435,892 | $14,336,172 |
| 25 | $1,808,080 | $2,847,600 | $2,983,680 | $5,373,608 | $13,012,968 |
| 26 | $2,622,360 | $2,753,280 | $2,884,440 | $5,200,645 | $13,460,725 |
| 27 | $2,546,640 | $2,674,080 | $2,801,640 | $5,054,159 | $13,076,519 |
| 28 | $2,530,800 | $2,657,760 | $2,784,240 | $5,025,553 | $12,998,353 |
| 29 | $2,512,680 | $2,638,200 | $2,763,960 | $4,988,948 | $12,903,788 |
| 30 | $2,494,320 | $2,619,000 | $2,744,040 | $4,952,992 | $12,810,352 |
2024’s first-round picks:
- Zaccharie Risacher (Hawks)
- Alex Sarr (Wizards)
- Reed Sheppard (Rockets)
- Stephon Castle (Spurs)
- Ron Holland (Pistons)
- Tidjane Salaun (Hornets)
- Donovan Clingan (Trail Blazers)
- Rob Dillingham (Timberwolves)
- Zach Edey (Grizzlies)
- Cody Williams (Jazz)
- Matas Buzelis (Bulls)
- Nikola Topic (Thunder)
- Devin Carter (Kings)
- Carlton Carrington (Wizards)
- Kel’el Ware (Heat)
- Jared McCain (Sixers)
- Dalton Knecht (Lakers)
- Tristan Da Silva (Magic)
- Ja’Kobe Walter (Raptors)
- Jaylon Tyson (Cavaliers)
- Yves Missi (Pelicans)
- DaRon Holmes (Nuggets)
- AJ Johnson (Bucks)
- Note: Johnson accepted approximately 114% of the rookie scale amount instead of 120% ($2,943,120) for this rookie season.
- Kyshawn George (Wizards)
- Pacome Dadiet (Knicks)
- Note: Dadiet accepted 80% of the rookie scale amount instead of 120% ($2,712,120) for his rookie season.
- Dillon Jones (Thunder)
- Terrence Shannon (Timberwolves)
- Ryan Dunn (Suns)
- Isaiah Collier (Jazz)
- Baylor Scheierman (Celtics)
Heat Sign Kel’el Ware To Rookie Scale Contract
The Heat have officially signed first-round pick Kel’el Ware to his rookie scale contract, the team announced today in a press release. Ware becomes the first player selected in the 2024 draft to formally sign his first NBA contract.
Considered one of the top centers in this year’s rookie class, Ware transferred to Indiana a year ago after spending his freshman year at Oregon. He enjoyed a breakout year for the Hoosiers, averaging 15.9 points, 9.9 rebounds, and 1.9 blocks in 32.2 minutes per game (30 contests), earning All-Big Ten and Big Ten All-Defense honors.
As the No. 15 pick in this year’s draft, Ware will earn a first-year salary of approximately $4.23MM. His four-year deal with Miami, which includes team options on the third and fourth seasons, will be worth about $20.47MM.
While teams can’t complete trades or certain signings until July 6, they’re allowed to sign first- or second-round picks to contracts during the moratorium period, so the Heat didn’t have to wait until Saturday to have Ware put pen to paper.
Heat Officially Sign Keshad Johnson To Two-Way Deal
The Heat have become the first NBA team to officially fill all three of their two-way contract slots for the 2024/25 season after announcing in a press release that they’ve signed forward Keshad Johnson to a two-way deal.
A 6’7″ swingman who went undrafted last week out of Arizona, Johnson played for San Diego State across his first four seasons of NCAA eligibility before using his “super-senior” season to transfer to the Wildcats.
In 2023/24, he posted averages of 11.5 points, 5.9 rebounds, 1.8 assists, 1.0 steals and 0.7 blocks per game, with a shooting line of .530/.387/.710. He reached a two-way agreement with the Heat shortly after the end of Thursday’s draft.
Johnson joins Zyon Pullin and Dru Smith as Miami’s two-way players, with all three formally signing their contracts today. While the July moratorium prevents teams from officially finalizing trades and some forms of signings, two-way deals can be completed during the moratorium period.
Since two-way contracts don’t count against the salary cap and carry little guaranteed money, it’s not a lock that Johnson, Pullin, and Smith will still occupy those slots by opening night — especially since Miami still has two-way qualifying offers out to Cole Swider and Alondes Williams. But it looks like the trio currently under contract should at least have an opportunity to begin the season on Miami’s 18-man roster.