Newsstand Rumors | Hoops Rumors

Pelicans Sign Herb Jones To Three-Year Extension

July 14th, 2025 at 7:04pm CST by Earnest Marshall

JULY 14: The signing is official, the team tweets.

JULY 10: The Pelicans and forward Herbert Jones have agreed to a three-year, $68MM extension, according to Shams Charania of ESPN (Twitter link). The deal will feature a player option on the final year, Charania adds.

Jones’ current contract will pay him roughly $13.9MM this season and $14.9MM in 2026/27. His new extension will begin in ’27/28 and will be start at 140% of his previous salary, with 8% annual raises, for a total of $67.6MM.

That means he’s now under contract for five seasons (including the player option in ’29/30) and would earn $96.4MM if he plays out the full deal.

The coveted defensive ace has evolved into a leader and mainstay for the Pelicans after being selected 35th overall in the 2021 draft. In four seasons with New Orleans, Jones holds averages of 10.1 points, 3.8 rebounds, 2.5 assists, 1.6 steals and 0.7 blocks per game.

Jones joins Trey Murphy and Zion Williamson as the only Pelicans players on guaranteed contracts through at least 2027/28, though Dejounte Murray and the team’s 2024 and 2025 draftees have options for that season.

Jones has drawn plenty of outside interest due to his lock-down defense and growing three-point ability (he shot 41.8% in his last fully healthy season). However, with both he and Murphy on respectable and affordable deals, New Orleans likely won’t be eager to move either.

Jones, specifically, will have a six-month trade restriction once he officially signs his extension, so he won’t become eligible to be dealt until January.

Grizzlies Sign Ty Jerome To Three-Year Deal

July 14th, 2025 at 6:16pm CST by Rory Maher

JULY 14: The signing is official, according to the team’s PR department (Twitter link).

JUNE 30: The Grizzlies will sign free agent guard Ty Jerome to a three-year contract worth $28MM, per Shams Charania of The Athletic (Twitter link). The deal will include a third-year player option, Charania adds.

It has been a busy Monday evening for the Grizzlies, who had already agreed to new deals with Jaren Jackson Jr., Santi Aldama, and Cam Spencer. Jerome’s contract will come out of the room exception, which can be worth up to about $27.7MM over three seasons.

Reports leading up to free agency stated that Memphis was the frontrunner to sign Jerome, who is coming off a career year with Cleveland in which he averaged 12.5 points, 3.4 assists, 2.5 rebounds and 1.1 steals in 70 games (19.9 minutes per contest). He also posted an elite shooting line of .516/.439/.872.

While Jerome was excellent in the Cavaliers’ first-round playoff series vs. Miami, he struggled mightily on both ends of the court in their second-round loss to Indiana. That may have limited his earnings potential to an extent.

Still, it’s surprising that Jerome will “only” make $27.7MM over the next three years, considering the Cavs agreed to give another backup guard — Sam Merrill — a four-year, $38MM deal. Merrill is a better defender, but Jerome was far more productive on offense last season.

Either way, Jerome will secure the first major payday of his career as he nears his 28th birthday (July 8).

Sixers Forward Paul George Undergoes Knee Surgery After Workout Injury

July 14th, 2025 at 5:45pm CST by Dana Gauruder

Sixers forward Paul George underwent an arthroscopic procedure on his left knee Monday to treat an injury suffered during a recent workout, ESPN’s Shams Charania tweets.

George will now begin a rehab program and be reevaluated prior to start of training camp, Charania adds. The Sixers issued a statement confirming George’s surgery, which was relayed by PHLY Sports’ Kyle Neubeck (Twitter link).

Sources informed Neubeck that the surgery was an “arthroscopic cleanup” that did not involve major ligaments (Twitter link).

It’s another health-related setback for the franchise and for George, who was the Sixers’ front office’s prized signing last summer, when he inked a four-year max deal. George was supposed to be the missing link in the franchise’s championship puzzle but Philadelphia didn’t even make the playoffs after an injury-riddled season.

Knee and groin injuries limited George to just 41 games during his first season in Philadelphia. He averaged 16.2 points, 5.3 rebounds and 4.3 assists while shooting 43 percent from the field and 35.8 percent from long range. He had averaged at least 21.9 PPG in his previous nine seasons, including five full seasons with the Clippers.

George played 74 regular seasons games in his last season with the Clippers but he dealt with a laundry list of ailments during his time in Los Angeles. During his first four years with the Clippers, he never appeared in more than 56 games.

Holdover Justin Edwards and recent free agent acquisition Trendon Watford could play key early-season roles at power forward if George isn’t fully healthy by the season opener.

Timberwolves Sign Naz Reid To Five-Year Deal

July 14th, 2025 at 5:04pm CST by Luke Adams

JULY 14: The signing is official, according to a team press release.

JUNE 27: The Timberwolves and Naz Reid are in agreement on a new contract, according to Shams Charania of ESPN, who reports that the reserve forward/center intends to sign a five-year, $125MM contract to remain in Minnesota.

Reid held a player option worth approximately $15MM for the 2025/26 season, but will turn down that option in advance of Sunday’s deadline in order to finalize his new deal with the Wolves in July. According to Charania, the new contract will also feature a player option on the final year.

After winning the NBA’s Sixth Man of the Year award in 2023/24, Reid had another strong showing for the Timberwolves in ’24/25, matching or exceeding his stats from the previous season in several key categories. The 25-year-old averaged 14.2 points, 6.0 rebounds, and 2.3 assists in 27.5 minutes per game across 80 outings (17 starts).

Reid has knocked down 39.5% of 5.4 three-point attempts per game over the past two seasons, making him a valuable floor-spacer in Minnesota’s frontcourt alongside center Rudy Gobert. Lineups featuring Reid and Gobert outscored opponents by 11.8 points per 100 possessions last season, the best mark of any of the team’s 25 most frequently used duos.

According to Charania, there was a “vibrant market developing” in free agency for Reid, with teams prepared to offer similar money and potentially a starting role. While Brooklyn is the only club currently projected to have enough cap room to have offered Reid a starting salary in the range of $20-25MM, there are other clubs that probably had the ability to get there.

The Pistons, for instance, were known to be interested in adding a stretch big man, and were cited as a team with interest in Reid. Detroit has the ability to create roughly $17MM in cap room and could have attempted to move off one more contract to create additional spending flexibility.

But the Timberwolves spoke both publicly and privately since their season ended about their desire to retain Reid, and showed with their five-year offer that they were serious about holding off rival suitors.

The next orders of business for the Wolves will be figuring out what happens with starting power forward Julius Randle and guard Nickeil Alexander-Walker. Randle holds a $30.9MM player option that he must decide on by Sunday, while Alexander-Walker will be an unrestricted free agent.

Although Minnesota has expressed a desire to keep all three players, retaining both Randle and Alexander-Walker would almost certainly push team salary well over the second tax apron for a second straight year, as cap expert Yossi Gozlan outlines (via Twitter). That may not appeal to the front office (or team ownership).

There has been some skepticism about the Wolves’ ability to keep all three players, with Alexander-Walker viewed as the most likely odd man out. Accounting for Randle’s option and no new deal for Alexander-Walker, the Wolves currently project to operate just below the second apron, tweets ESPN Bobby Marks.

Wizards Waive Richaun Holmes

July 14th, 2025 at 4:10pm CST by Dana Gauruder

The Wizards have waived veteran big man Richaun Holmes, Michael Scotto of HoopsHype tweets.

Holmes’ $13.28MM contract for next season only had a partial guarantee of $250K. He averaged 7.4 points and 5.7 rebounds in 17.2 minutes over 31 games (seven starts) last season.

Holmes will be an unrestricted free agent once he clears waivers. Given his age — 31 — and lack of playing time last season, it’s no surprise that Washington would clear salary by cutting Holmes loose.

Holmes declined a $12.88MM option on his contract last summer in order to sign a two-year, $25.9MM contract that included the partial guarantee on year two. He had been acquired during the trade deadline from Dallas in the deal that sent Daniel Gafford to the Mavs. He appeared in 17 games for Washington that season, making eight starts and averaging 7.1 points and 6.1 rebounds in 18.7 minutes per night.

Holmes was once one of the most sought-after big men in the league. He was signed by Sacramento on a four-year, $46MM contract in 2021 and averaged in double digits in three consecutive seasons for the Kings.

Once the Wizards signed free agent Marvin Bagley III to back up Alex Sarr, it was clear that Holmes was no longer in the Wizards’ plans. He should draw interest from teams seeking frontcourt depth.

Spurs’ Victor Wembanyama Cleared For Basketball Activities

July 14th, 2025 at 2:27pm CST by Rory Maher

Spurs star Victor Wembanyama has recovered from the blood clot in his right shoulder and has been medically cleared to resume basketball activities, he told Maxime Aubin of French outlet L’Équipe (Twitter link).

“I’m officially cleared to return,” Wembanyama said. “It just happened — I got the green light from the Spurs’ medical staff just a few hours ago (last Friday). Phew, I’ll finally be able to play a bit of basketball again!“

After earning Rookie of the Year honors and finishing as the runner-up for Defensive Player of the Year during his debut in 2023/24, Wembanyama had a superlative second season in ’24/25, making his first All-Star appearance and averaging 24.3 points, 11.0 rebounds, 3.7 assists, 1.1 steals and 3.8 blocks in 33.2 minutes per game.

However, shortly after the All-Star break, the 21-year-old center was diagnosed with a deep vein thrombosis in his shoulder, cutting his season short. Despite playing just 46 games, Wembanyama still led the NBA in total blocked shots (176) by a wide margin — Brook Lopez was second with 148.

Both Wembanyama and the Spurs organization have expressed optimism that 2023’s No. 1 overall pick would be fully recovered from the blood clot ahead of the 2025/26 season, which has now come to fruition.

The 7’4″ big man seemed doubtful in April about his odds of suiting up for France at this summer’s EuroBasket, which begins in late August. It seems unlikely that today’s update will have changed those plans, though we may have to wait for official confirmation.

Grizzlies Sign Cam Spencer To Four-Year Contract

July 14th, 2025 at 1:00pm CST by Luke Adams

1:00pm: Spencer has officially signed his new four-year contract, the Grizzlies announced this afternoon (via Twitter).

11:48am: After initially agreeing to a two-year, minimum-salary contract when free agency opened on June 30, the Grizzlies and Cam Spencer have since amended the terms of that agreement, agents Mark Bartelstein and Ross Aroyo tell Shams Charania of ESPN (Twitter link).

According to Charania, Spencer will now be signing a four-year, $10.5MM contract that includes three fully guaranteed seasons. The fourth year will be a team option, tweets Michael Scotto of HoopsHype.

The 53rd pick of the 2024 draft after winning a national championship with UConn, Spencer appeared in 25 games with the Grizzlies last season, averaging 4.2 points, 1.2 rebounds and 1.4 assists in 10.1 minutes per contest. His shooting line was .415/.365/1.000.

The 25-year-old combo guard had a much bigger role in his eight G League appearances (32.2 MPG) with the Memphis Hustle in ’24/25, averaging 23.5 PPG, 3.6 RPG, 3.5 APG and 1.2 SPG on .538/.493/.765 shooting.

When the Grizzlies initially agreed to a two-year, minimum-salary deal with Spencer, they likely didn’t know whether or not they’d have to renounce his rights in order to accommodate Jaren Jackson‘s renegotiated contract.

It appears Memphis was able to hang onto Spencer’s Non-Bird rights while maintaining enough cap room for Jackson’s new deal, which will allow the club to go beyond two years and a little above the minimum for Spencer.

As we wrote earlier today, Spencer’s deal with the Grizzlies is one of four reported signings that will likely be officially completed now that Jackson’s renegotiation and extension is complete.

Cavs’ Koby Altman Signs Contract Extension

July 14th, 2025 at 9:59am CST by Luke Adams

Cavaliers president of basketball operations Koby Altman has signed a contract extension that will run through the 2029/30 season, sources tell Shams Charania of ESPN.

Altman last signed an extension back in January 2022. Reporting at the time indicated that deal kept him under contract through ’27/28, so the new extension will tack on two additional years.

Altman, who has been the head of basketball operations in Cleveland since 2017, oversaw the post-LeBron James rebuild following the star forward’s departure in 2018 and has since constructed one of the NBA’s most talented rosters. The Cavaliers have won at least 48 games and earned a playoff berth in each of the past three seasons. In 2024/25, the club racked up a conference-high 64 regular season victories.

The Cavaliers have drafted Darius Garland and Evan Mobley during Altman’s tenure, as well as trading for Jarrett Allen and Donovan Mitchell. Altman also oversaw the 2024 head coaching search that resulted in the team hiring Kenny Atkinson, who earned Coach of the Year honors this spring.

Altman’s job will get more challenging going forward — after remaining out of luxury tax territory for seven straight seasons in the wake of James’ exit, the Cavs have soared past that tax threshold this offseason and will be operating above the second tax apron in 2025/26.

While carrying one of the league’s most expensive rosters is more of a burden on ownership than management, the roster restrictions that apply to second-apron teams will make it more difficult for Altman and his front office to continue complementing the Cavs’ core with quality role players.

Cleveland lost Ty Jerome in free agency this offseason, but re-signed free agent wing Sam Merrill, swapped Isaac Okoro for Lonzo Ball, and brought back former Cav Larry Nance Jr.

According to Charania, other members of Altman’s front office – including general manager Mike Gansey and assistant general manager Brandon Weems – have also been extended.

Thunder Sign Chet Holmgren To Five-Year Max Extension

July 13th, 2025 at 8:45pm CST by Dana Gauruder

July 13: The Holmgren extension has been made official, per a press release from the Thunder.

July 9: Thunder big man Chet Holmgren has agreed to a fully-guaranteed, five-year maximum rookie contract extension, ESPN’s Shams Charania reports (Twitter link).

Holmgren’s first-year salary under the extension will start at 25% of the 2026/27 salary cap, ESPN’s Bobby Marks tweets. Based on the NBA’s latest cap projection, that would work out to a five-year, $240MM deal.

The second pick of the 2022 draft, Holmgren has battled through injuries in his first three years as a pro but has excelled during his time on the court.

After not playing at all during the 2022/23 season due to a foot injury suffered during the offseason, Holmgren bounced back to start every game in the 2023/24 season, averaging 16.5 points, 7.9 rebounds, 2.4 assists and 2.3 blocks per night.

A pelvic fracture limited Holmgren to 32 regular season games this past season. He posted averages of 15.0 points, 8.0 rebounds, 2.0 assists and 2.2 blocks prior to the playoffs, then started all 23 postseason contests en route to the franchise’s first championship since moving to Oklahoma City. He averaged 15.2 points, 8.7 rebounds, 1.0 assists and 1.9 blocks during the title run.

Holmgren joins league Most Valuable Player Shai Gilgeous-Alexander among current OKC players to receive max extensions. The next order of business is to give star forward Jalen Williams a max contract of his own. He’s also eligible for a rookie scale extension this offseason.

While we’ll wait for the official details to confirm, it doesn’t sound as if Holmgren’s deal will include Rose Rule language that could increase the value of that first year beyond 25% of the cap if he makes an All-NBA team, wins Defensive Player of the Year, or is named MVP.

Charania’s report does say the value of the extension could reach $250MM, which would exceed the projected value of a standard 25% max deal even if the cap rises by the maximum allowable 10% next year (it’d be worth $246.6MM in that scenario). However, that may just be a case of generously rounding up.

Grizzlies Renegotiate, Extend Jaren Jackson Jr.’s Contract

July 13th, 2025 at 6:18pm CST by Rory Maher

July 13: Jackson’s renegotiation and extension are official, the team announced (via Twitter).

June 30: The Grizzlies are expected to renegotiate and extend Jaren Jackson Jr.‘s contract, according to Shams Charania of ESPN, who reports (via Twitter) that Memphis is giving the former Defensive Player of the Year a five-year, $240MM deal.

The forward/center’s new extension will feature a player option for the 2029/30 season, sources tell Charania (Twitter link).

It’s worth noting that the Grizzlies do not currently have the requisite cap room to renegotiate and extend Jackson at the salary that Charania reported — additional cost-cutting moves will be necessary in order to complete the transaction.

John Konchar and Cole Anthony have been rumored as salary-dump candidates, and Charania suggests (via Twitter) that Anthony will likely be the odd man out. The 25-year-old guard is on an expiring $12.9MM contract, but Charania’s reporting suggests he’ll likely be traded or bought out.

[UPDATE: Cole Anthony Agrees To Buyout With Grizzlies, Plans To Join Bucks]

Giving Jackson a lucrative new deal was long expected to be a top priority for Memphis. The 25-year-old was entering the final year of his current contract, which would have paid him about $23.4MM in ’25/26.

Based on the terms of his new deal, his salary for next season will need to be increased by nearly $10MM as part of the renegotiation — the $240MM total by Charania likely includes the $23.4MM he’s already owed for next season, so it’ll be closer to $217MM in new money.

As Keith Smith of Spotrac tweets, the Grizzlies need to trim about $7MM in payroll for next season to finalize Jackson’s deal. They’ll have access to the room version of the mid-level exception by operating below the cap, with free agent guard Ty Jerome a rumored target.

Jackson was named an All-Star for the second time last season and earned a spot on the All-Defensive Second Team. In 74 games (29.8 MPG), he averaged 22.2 PPG, 5.6 RPG, 2.0 APG, 1.2 SPG and 1.5 BPG, with a shooting line of .488/.375/.781.

The Grizzlies have also agreed to a three-year, $52.5MM deal with restricted free agent forward Santi Aldama, according to Charania.

Memphis has been busy this offseason, trading Desmond Bane to Orlando in a blockbuster deal that saw the Grizzlies acquire four first-round picks, one first-round swap, Kentavious Caldwell-Pope and Anthony. The Grizzlies then used two of those picks to move up in the draft and land Washington State wing Cedric Coward.