Magic Suspend Dwight Howard Trade Talks

9:38pm: A compelling reason the Rockets, Warriors and Hawks may take on Howard without knowing whether he'll re-sign is the possibility of flipping him to the Nets, says Chris Mannix of SI.com (Twitter links). The Rockets' continued pursuit of Howard has no bearing on their offer sheet to Omer Asik, K.C. Johnson of the Chicago Tribune hears (Twitter link). 

3:55pm: While the Magic appear to be putting Howard talks on the backburner for now, a source tells Ken Berger of CBSSports.com that Orlando would listen if the Nets (and presumably any other team) came forward with new proposals.

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Bulls Exploring Kyle Korver Trades

11:13am: According to Michael Cunningham of the Atlanta Journal Constitution, the Hawks had interest in Korver, but it appears he's "likely" heading to the Timberwolves in a trade. The T-Wolves need to clear some cap space for other moves they've lined up, so I wonder if they intend to trade guaranteed salary for Korver's non-guaranteed deal.

8:12am: The Bulls have until Sunday to decide whether or not they'll bring back Kyle Korver for another season, and haven't ruled out retaining him. However, in the meantime, the team is also exploring trade possibilities that could send Korver to another club, such as the Timberwolves or Hawks, according to Neil Hayes of the Chicago Sun-Times.

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Bulls Waive C.J. Watson

Faced with a decision on his 2012/13 contract, the Bulls officially waived C.J. Watson last night, tweets Alex Kennedy of HoopsWorld. The move clears Watson from the team's books for the coming season, assuring that they won't have to pay his $3.2MM salary.

If another team is willing to take on Watson's $3.2MM figure, he can be claimed off waivers. However, it's more likely that the 28-year-old guard will clear waivers and become an unrestricted free agent, able to sign with any team. Marcus Thompson of the Bay Area News Group believes Watson could be a fit for the Warriors.

The Bulls also parted ways with Ronnie Brewer, and are still deciding whether to retain Kyle Korver.

Free Agent Rumors: Flynn, Heat, Mahinmi

We're less than 14 hours away from the July moratorium coming to an end and this season's signing period beginning in earnest. As of 11:00pm central time tonight, teams can officially sign free agents, trades can be consummated, and players can sign contract extensions. In the meantime, free agents have one more day to try to reach contract agreements before clubs start finalizing the moves they've agreed to over the last week and a half. We'll track today's rumors on free agents here, with the newest updates up top:

  • Jonny Flynn has worked out for the Hawks and will visit the Bulls on Friday, tweets Marc J. Spears of Yahoo! Sports. Count the Cavs as another team interested in the point guard's services.
  • Look for the Heat to add a minimum-scale big man, such as Kwame Brown or Joel Przybilla, as they finish up their offseason spending, tweets Ira Winderman of the South Florida Sun Sentinel. 
  • Gery Woelfel of the Racine Journal Times (Twitter link) hears from NBA officials that the Bucks have some interest in Ian Mahinmi.

Earlier updates:

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Offer Sheets To Watch

Restricted free agents that have agreed to sign offer sheets with new teams can begin doing so as soon as 11:00pm CST tonight. When a player officially signs an offer sheet, his old team has a three-day window to decide whether or not to match it and bring him back.

When a player formally signs an offer sheet, it means only two options are in play for him: He either ends up on the team whose offer he signed, or returns to his old club. Sign-and-trades are no longer an option. So, for restricted free agents like Eric Gordon and Nicolas Batum, who seem to prefer to change teams, it may be worthwhile to explore sign-and-trade possibilities once more before locking into those offer sheets and putting their futures in the hands of the Hornets and Trail Blazers, respectively.

Here are a few restricted free agents that reportedly agreed to sign offer sheets whose situations are worth keeping an eye on:

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Bulls Will Not Retain Ronnie Brewer

The Bulls have informed Ronnie Brewer that they will not be guaranteeing his contract for the coming season, tweets K.C. Johnson of the Chicago Tribune. Brewer had a non-guaranteed contract worth $4.37MM for the upcoming season, which would have become guaranteed had Chicago kept him through today.

Brewer, 27, started 43 of 66 games for the Bulls this season, averaging 6.9 points and 3.5 rebounds in 24.8 minutes per contest. He'll become an unrestricted free agent and will be free to sign with any team.

Free Agent Rumors: Wallace, Grizzlies, Fisher

We're into the home stretch of the July moratorium, and it won't be long before all the moves that have been agreed upon in the last week are made official. In the meantime, teams have two more days to prepare for the next stage of free agency, and the rumors continue to swirl. You can track all of the contract agreements to date using our Free Agent Tracker, and you can follow many of today's free agent rumors right here, with the latest up top….

  • There's a "pretty good chance" that Ben Wallace will return to the Pistons next season, a source tells Vincent Goodwill of The Detroit News.
  • A source told The Commercial Appeal (via Twitter) that it's unlikely that the Grizzlies will sign Russian guard Alexey Shved.  Shved allegedly received offers from the Grizzlies, Cavs, and T'Wolves.
  • However, the Grizzlies are working to bring veteran guard Willie Green to Memphis, The Commercial Appeal tweets.  The soon-to-be 31-year-old averaged 7.6 PPG last year for the Hawks.

Earlier updates:

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Free Agent Rumors: Lucas, Camby, Lewis

Jeff Green reached an agreement to remain with the Celtics on Saturday, while Aaron Brooks became an unrestricted free agent after the Suns withdrew their qualifying offer to the guard. What will Sunday bring? Here are the latest rumors on a number of free agents still on the market:

Earlier updates:

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Odds & Ends: Hinrich, Bulls, Meeks, Mayo, Tolliver

Aggrey Sam of CSN Chicago reported earlier that the Bucks presented Kirk Hinrich with an offer of about $4 MM per year, while the Bulls have made an offer somewhere between the veteran's minimum and around $2 MM per year. The proposed length of either deal is still unknown. Although the Bulls have been relatively quiet at this point during the offseason, Sam thinks that Chicago could eventually become financially viable for free agent point guards such as Ramon Sessions, Raymond Felton, Jerryd Bayless, and Delonte West, who could be available if they are not acquired during the first wave of free agent signings. Derek Fisher and Jonny Flynn were also mentioned as potential additions.                                                                                                 
We are currently less than four days away from the end of the NBA's moratorium period, and here is the rest of what we've heard around the league this evening…
  • Ersan Ilyasova plans to meet with Bucks owner Herb Kohl on Tuesday, which is seen as an important opportunity in the team's effort to retain the 6'10'' forward (Gery Woelfel of the Journal Times reports). Earlier this week, we reported that Milwaukee offered a deal worth around $40MM over five years.

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Free Agent Rumors: Redd, Camby, Stiemsma

Brandon Roy, Jason Kidd, and Jamal Crawford were among the players to reach agreements with new clubs yesterday, while Nicolas Batum and Jeremy Lin agreed to lucrative offer sheets that their current teams are expected to match. What will Friday bring? Here are the latest rumors on a number of free agents still on the market:

Earlier updates:

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