Suns, Royce O’Neale Complete Four-Year Deal
JULY 6: O’Neale’s new contract with the Suns is official, according to the NBA’s transaction log. It has a base value of $42MM, with an additional $2MM in unlikely incentives, Hoops Rumors has learned.
JUNE 29: Free agent forward Royce O’Neale intends to sign a four-year, $44MM contract to remain with the Suns, according to Adrian Wojnarowski of ESPN (Twitter link).
The deal won’t feature either a team or player option and will be fully guaranteed, reports Zach Lowe of ESPN (Twitter link). It will be the most lucrative contract of O’Neale’s career, topping his previous four-year, $36MM extension that’s about to expire.
The No. 19 player on our list of this year’s top 50 free agents, O’Neale has been a reliable, durable wing since entering the league in 2017, never appearing in fewer than 69 games in a season across stints in Utah, Brooklyn, and Phoenix. The Suns acquired the former Baylor standout from Brooklyn in a three-team deal at February’s trade deadline.
A versatile defender with the size to match up against bigger wings and forwards, O’Neale isn’t much of an offensive threat, having never averaged more than 8.8 points per game in a season. But he’s a solid three-point shooter, with a career rate of 38.1% from beyond the arc, and he has averaged 3.2 assists per game over the past two seasons.
Because Phoenix projects to operate over the second tax apron in 2024/25, the team would have had no means to replace O’Neale or Grayson Allen with an equivalent player in free agency, so there was an expectation that both players would be re-signed. The Suns extended Allen in April and have now reached a deal to retain O’Neale as well.
Since O’Neale was expected to receive interest on the open market from rival suitors, the belief was that Phoenix would have to go up to three or four years to beat out clubs who might offer a higher starting salary. That turned out to be the case, with the Suns making a guaranteed four-year commitment to the 31-year-old.
As cap expert Yossi Gozlan tweets, adding O’Neale’s new deal to the Suns’ books increases their projected team salary for next season to nearly $217MM. The luxury tax line is expected to come in around $171.3MM. There may be more moves to come that push the Suns’ salary in one direction or the other, but based on the current projections – and accounting for tax penalties – it would be the second-most expensive roster in NBA history, says Gozlan.
Hawks’ Saddiq Bey To Become Unrestricted Free Agent
The Hawks have decided against tendering forward Saddiq Bey a qualifying offer, according to ESPN’s Adrian Wojnarowski (Twitter link). The move will ensure that Bey becomes an unrestricted free agent rather than a restricted FA.
The 19th overall pick in the 2020 draft, Bey spent his first two-and-a-half seasons with the Pistons before being traded to the Hawks at the 2023 deadline. The 25-year-old has shown promise as a three-and-D wing across his four NBA seasons, averaging 14.1 points, 5.2 rebounds, and 1.8 assists in 30.2 minutes per game across 292 total outings (223 starts).
However, Bey was inconsistent in 2023/24, making a career-low 31.6% of his three-point attempts in 63 games before suffering a left ACL tear in March. Assuming a normal recovery time, that injury is likely to sideline him for a good chunk of the 2024/25 season, if not all of it.
Prior to that knee injury, Bey met the “starter criteria,” increasing the value of his potential qualifying offer from about $6.5MM to $8.49MM.
Given his ongoing injury recovery and the Hawks’ proximity to the tax line, it makes sense that the team would decide against giving Bey that QO, even if it has some interest in retaining him. In a worst-case scenario for the Hawks, he could’ve accepted his QO, earning nearly $8.5MM while spending the 2024/25 season recovering from his torn ACL, then left Atlanta as an unrestricted free agent next summer once he’s healthy.
Nets Agree To Exhibit 10 Deals With KJ Jones, Mark Armstrong
June 29: Armstrong is joining the Nets on an Exhibit 10 deal, Adam Zagoria of NJ.com reports (Twitter link). The Nets currently have just one player signed to a two-way contract for next season (Jaylen Martin), so it’s feasible that Armstrong winds up competing for one of those two-way slots. Armstrong is a former four-star prospect with USA Basketball experience.
June 27: The Nets have reached an agreement on an Exhibit 10 contract with high-scoring Division II guard KJ Jones, according to Jon Chepkevich of DraftExpress.com (Twitter link).
Jones, who played his college ball at Emmanuel University in Georgia, has averaged 26.2 points per game in back-to-back seasons and scored more than 3,600 total points over the course of his five-year collegiate career. He posted a shooting line of .482/.371/.868 across those five seasons, also logging career averages of 5.7 rebounds, 3.0 assists, and 1.6 steals per contest.
As Chepkevich notes, Jones was the only Division II prospect to receive an invitation to the Portsmouth Invitational Tournament this spring.
Villanova’s Mark Armstrong may also be joining the Nets’ offseason roster, with Jake Weingarten of StockRisers.com tweeting that Brooklyn has reached a deal with the former Villanova standout. However, there are no additional details on that agreement (ie. whether it’s for a two-way contract, an Exhibit 10 deal, etc.), so it’s possible Armstrong is just joining the team for Summer League for now.
The former Wildcats guard registered averages of 8.4 PPG, 2.4 APG, and 2.3 RPG on .417/.282/.776 shooting as a sophomore in 2023/24 before declaring for the draft as an early entrant.
Lakers’ Jaxson Hayes Picking Up 2024/25 Player Option
Lakers big man Jaxson Hayes is exercising his minimum-salary ($2.46MM) player option for the 2024/25 season, sources tell Shams Charania of The Athletic (Twitter link).
The eighth overall pick in the 2019 draft, Hayes spent his first four NBA seasons in New Orleans before signing with Los Angeles last summer. Although he appeared in 70 games for his new team, the fifth-year center played a limited role in the Lakers’ frontcourt, averaging a career-low 12.5 minutes per game. He contributed 4.3 points and 3.0 rebounds per contest in that modest role.
As Charania points out, if he remains on the Lakers’ roster through the offseason, Hayes will get the opportunity to reunite with J.J. Redick, L.A.’s new head coach and Hayes’ former teammate in New Orleans.
The Lakers entered the offseason with five veterans holding player options. Big man Christian Wood picked up his $3.04MM option in May, while Russell ($18.69MM) and Hayes ($2.46MM) are said to be opting in too. Cam Reddish ($2.46MM) and, of course, LeBron James ($51.42MM) still have decisions to finalize before Saturday’s deadline.
Lakers’ D’Angelo Russell Exercising 2024/25 Player Option
Lakers point guard D’Angelo Russell intends to exercise the player option on his contract for the 2024/25 season, he tells Jordan Richard of Swish Cultures (Twitter link). Shams Charania of The Athletic (Twitter link) confirms the news, as does ESPN’s Dave McMenamin (Twitter link).
“I love what (new Lakers head coach) J.J. (Redick) is about and I really see myself thriving under his guidance to help win at a high level,” Russell told McMenamin.
The move will guarantee Russell’s $18,692,307 salary for next season. Rather than becoming an unrestricted free agent this summer, the 28-year-old will postpone his free agency until 2025, remaining on the two-year, $36MM deal he signed with the Lakers last July.
Russell is coming off one of the best seasons of his NBA career. He averaged 18.0 points, 6.3 assists, and 3.1 rebounds in 32.7 minutes per game across 76 regular season outings (69 starts), posting a shooting line .456/.415/.828.
However, for a second straight spring, he struggled vs. Denver in the postseason. His 2024 playoff averages dipped to 14.2 PPG, 4.2 APG, and 2.8 RPG on .384/.318/.500 shooting. A year earlier, he shot just 32.3% (13.3% on threes) in the Western Conference finals vs. the Nuggets and was removed from the starting five.
Russell’s player option decision was considered one that could go either way, since opting out would’ve given him more control over his future. Opting in will lock in his ’24/25 salary, but it doesn’t necessarily ensure he’ll remain in Los Angeles, since he looks like a prime trade candidate for a Lakers team seeking roster upgrades.
Russell ($18.7MM), Rui Hachimura ($17MM), and Gabe Vincent ($11MM) have been viewed as a few possible outgoing salary-matching pieces in the event L.A. takes a swing on the trade market for another impact player to complement star forwards LeBron James and Anthony Davis. Of those three players, only Russell is on an expiring contract — Hachimura and Vincent each have guaranteed salaries for 2025/26.
The Lakers are expected to be “aggressive in pursuing Russell-centric trades,” team and league sources tell Jovan Buha of The Athletic. If Russell does remain with the Lakers, he’d be in position to reclaim his starting point guard role next season, but Buha says the team considers the Russell/Austin Reaves backcourt duo to have a “clear ceiling” and prefers to keep Reaves, who is younger, a better defender, and on a more team-friendly contract.
QO Updates: Heat, Magic, Quinones, Lundy, Williams, Nuggets
The Heat have issued qualifying offers to two of their three two-way players, announcing in a press release that they’ve made forward Cole Swider and guard Alondes Williams restricted free agents. Miami’s other two-way player, forward Jamal Cain, isn’t mentioned in the announcement, with Anthony Chiang of The Miami Herald tweeting that Cain isn’t expected to receive a qualifying offer.
Because Cain has finished each of the past two seasons on a two-way contract with the Heat, his qualifying offer would have been a one-year, minimum-salary contract with a small partial guarantee, whereas the QOs for Swider and Williams will be for one-year, two-way deals.
According to Chiang, the expectation is that Cain won’t be back with the Heat next season. Not getting a QO means he’ll be an unrestricted free agent this summer.
We have more qualifying offer news from around the NBA:
- It appears that guard Trevelin Queen will be the only Magic two-way player to receive a qualifying offer this offseason. Orlando put out a press release (via Twitter) confirming that Queen has been given a QO, making him a restricted free agent. However, swingman Kevon Harris won’t get a QO and Admiral Schofield – who also wasn’t mentioned in the Magic’s announcement – has signed to play in France next season. Harris and Schofield both would’ve been eligible for minimum-salary qualifying offers, while Queen’s QO is for another two-way contract.
- The Warriors aren’t tendering a qualifying offer to guard Lester Quinones, per Michael Scotto of HoopsHype (Twitter link). Quinones will become an unrestricted free agent after averaging 4.4 points per game on .397/.364/.690 shooting in 37 appearances off the bench for Golden State.
- The Hawks have made a qualifying offer to guard Seth Lundy, tweets Scotto. Lundy, who was on a two-way contract this past season, had a strong year in the G League, averaging 20.4 points per game and making 40.0% of his three-point attempts in 25 regular season and Showcase Cup contests for the College Park Skyhawks. His qualifying offer is the equivalent of another two-way deal.
- The Rockets are issuing a two-way qualifying offer to shooting guard Jeenathan Williams, according to Scotto (Twitter link). Williams appeared in 22 games for Houston and 10 for the Rio Grande Valley Vipers in the G League in 2023/24.
- Nuggets two-way players Collin Gillespie and Braxton Key aren’t expected to get qualifying offers from the team, so they’ll become unrestricted free agents when the new league year begins, sources tell Vinny Benedetto of The Denver Gazette (Twitter link).
Heat’s Josh Richardson Exercising 2024/25 Player Option
Heat wing Josh Richardson is picking up his minimum-salary player option for 2024/25, reports Shams Charania of The Athletic (Twitter link). The move will guarantee Richardson’s $3,051,153 salary for next season, lining him up to be a free agent in 2025.
Richardson began his career in Miami in 2015 and spent his first four NBA seasons with the team. After bouncing around the league from 2019-23, with stints in Philadelphia, Dallas, Boston, San Antonio, and New Orleans, he returned to the Heat as a free agent last summer, signing a two-year, minimum-salary deal that included a player option on year two.
The reunion didn’t play out quite as hoped, as health issues limited Richardson to 43 games and ended his season early. When he was available, he averaged 9.9 points, 2.8 rebounds, and 2.4 assists in 25.7 assists per night, with a shooting line of .444/.347/.944.
Richardson, who underwent a labrum procedure in March to repair right shoulder instability, is still recovering from that surgery, making it an inopportune time for him to return to free agency, so it comes as no surprise that he’ll opt in for 2024/25.
While Richardson’s expiring contract could make him a trade candidate, the Heat – who are navigating the luxury tax – will likely welcome him back at a team-friendly rate of $3MM if he’s healthy. According to Charania, the 30-year-old is expected to make a full recovery before the start of the season.
As our tracker shows, Richardson is one of four Heat veterans whose contracts include player options for 2024/25. Caleb Martin, Kevin Love, and Thomas Bryant still have decisions to make on their options.
Hornets Waive Seth Curry
4:00pm: The Hornets have officially waived Curry, the team confirmed (via Twitter).
3:52pm: The Hornets are waiving sharpshooter Seth Curry before his $4MM salary for 2024/25 becomes guaranteed, according to ESPN’s Adrian Wojnarowski (Twitter link).
Friday represented the deadline for Charlotte to make a decision on that $4MM — it would have become guaranteed if Curry had remained under contract through today. While the Hornets have opted not to lock that money onto their ’24/25 cap, the two sides have mutual interest in exploring a new deal in free agency, says Wojnarowski.
The younger brother of Stephen Curry, Seth actually has a better career three-point percentage (43.1%) than his superstar sibling (42.6%). However, the 33-year-old – who obviously isn’t Steph’s equal as a play-maker or all-around scorer – is coming off a down year in 2023/24. He appeared in a total of 44 games for the Mavericks and Hornets, averaging just 5.1 points per game on .392/.352/.903 shooting.
The younger Curry, who was sent from Dallas to Charlotte in February as part of the trade package for P.J. Washington, was able to suit up for just eight games down the stretch for his hometown Hornets, as his season ended early due to a sprained ankle.
He’ll clear waivers on Sunday if he goes unclaimed.
Clippers’ P.J. Tucker Opts In For 2024/25
Clippers forward P.J. Tucker is exercising his player option for 2024/25, locking in his $11.54MM salary for next season, sources tell Michael Scotto of HoopsHype (Twitter link). Confirming the news, Shams Charania of The Athletic tweets that Tucker has formally picked up that option.
Long viewed as a valuable role player on contending teams, Tucker found himself out of the Clippers’ rotation for much of the 2023/24 season after being acquired along with James Harden in the fall. He appeared in just 28 regular season games for Los Angeles, averaging 1.6 points and 2.5 rebounds in 15.0 minutes per contest, and wasn’t used until Game 5 of the club’s first-round playoff series vs. Dallas.
During his best years in Houston, Tucker was a tough, switchable frontcourt defender who had the quickness to guard out to the perimeter and the strength to match up against bigger players. He was also a threat to knock down corner threes on offense.
Now 39 years old, Tucker is no longer as effective a three-and-D contributor and doesn’t command serious attention from opposing defenses — he averaged just 1.6 shot attempts per game in 2023/24. As such, it’s not a surprise that he decided to opt in, guaranteeing a payday of $11.54MM.
It’s unclear whether or not Tucker will open the season on the Clippers’ roster. Now that he has picked up his option, he looks like a logical trade candidate for Los Angeles (like Reggie Jackson was in Denver after opting in). But the team has a lot of moving parts this offseason, including figuring out whether Paul George, Harden, and/or Russell Westbrook will be back, so there may not be resolution on Tucker right away.
Pistons, Aaron Estrada Agree To Exhibit 10 Deal
The Pistons and undrafted rookie free agent Aaron Estrada have reached an agreement on an Exhibit 10 contract, reports Jon Chepkevich of DraftExpress.com (Twitter link).
Estrada bounced around from school to school over the course of his five-year college career, playing for St. Peter’s, Oregon, Hofstra (for two seasons), and Alabama. In his final year of NCAA eligibility in 2023/24, the 6’4″ guard averaged 13.4 points, 5.4 rebounds, and 4.6 assists in 30.9 minutes per game across 37 starts for the Crimson Tide.
While he made just 44.9% of his field goal attempts and 31.3% of his three-pointers this past season, Estrada’s rates were 46.5% and 34.4%, respectively, in his first four college seasons. He also knocked down 86.3% of his career free throws.
An Exhibit 10 contract is a non-guaranteed minimum-salary deal that doesn’t count against a team’s cap unless the player makes the regular season roster. It can be converted to a two-way contract before the season begins or can put a player in line to earn a bonus if he’s waived and then spends at least 60 days with his team’s G League affiliate.