Hawks Officially Announce Trae Young’s Five-Year Extension
The Hawks have officially signed Trae Young to a contract extension, the team announced today in a press release. While the club didn’t disclose the terms of the deal, we know based on previous reports that it’s a five-year, maximum-salary contract that begins in 2022/23. The two sides agreed to terms earlier in the week.
Young’s deal includes Rose Rule language and will start at 30% of the ’22/23 cap and will be worth a projected $207MM if he earns an All-NBA spot next season. If he doesn’t make the All-NBA team, the extension will start at 25% of the cap and will be worth nearly $173MM.
“This is a great day for the Hawks franchise and the city of Atlanta,” Hawks president of basketball operations Travis Schlenk said in a statement. “Trae is a special player and person who from Day One, embraced being a leader on the court and in our community. We are excited to have him as the cornerstone of our program long-term as we work toward our goal of bringing a championship to Atlanta.”
The move had been widely expected this offseason, as Young has emerged as the cornerstone of a Hawks team that made a surprising Eastern Conference Finals run this season.
He averaged 25.3 PPG, 9.4 APG, and 3.9 RPG in 63 regular season games (33.7 MPG) in 2020/21, then helped lead Atlanta past the Knicks and Sixers in the first two rounds of the playoffs before suffering a foot injury in the Eastern Finals vs. Milwaukee.
Young remains under his rookie contract for one more season and will earn $8.33MM in 2021/22 before his extension begins.
Young’s extension will include an early termination option after the fourth year, according to RealGM (Twitter link). An ETO is similar to a player option, so Young will have the ability to opt out and sign a new deal in 2026.
Cavs Re-Sign Jarrett Allen To Five-Year Contract
AUGUST 6: The Cavaliers have issued a press release formally announcing Allen’s new deal with the club.
“We spent the last few years maintaining our financial and roster flexibility to put ourselves in a position to acquire and now re-sign a player of Jarrett’s caliber,” general manager Koby Altman said in a statement. “Since his arrival, Jarrett has fit seamlessly into our culture and almost instantly, he earned the respect of his coaches and teammates. We took another positive step forward in our pursuit of sustainable success with this signing, as we see Jarrett as an integral piece of our future moving forward.”
AUGUST 2: The Cavaliers and restricted free agent center Jarrett Allen are in agreement on a five-year, $100MM contract, his agents tell ESPN’s Adrian Wojnarowski (via Twitter).
A report earlier today had stated that Cleveland was preparing a $100MM offer for Allen. All five years on the new deal will be guaranteed, tweets Chris Fedor of Cleveland.com.
Cleveland traded a first-round pick for Allen in the four-team James Harden blockbuster this past season with the intent of retaining him for years to come. Even after drafting USC big man Evan Mobley with the No. 3 overall pick last Thursday, the Cavs prioritized a new deal for Allen, since the team believes he and Mobley are capable of playing alongside one another.
The Raptors were considered the Cavaliers’ top threat for Allen, but Cleveland wasted no time in negotiating directly with the 23-year-old rather than letting him go out and get an offer sheet.
Allen averaged 13.2 PPG, 9.9 RPG, and 1.4 BPG across 51 contests after the Cavs acquired him. He had been the No. 4 free agent on our top-50 list.
Kings, Richaun Holmes Finalize Four-Year Deal
AUGUST 6: The Kings have officially re-signed Holmes, the team announced today in a press release.
“This is a great day for Richaun and the entire Kings organization,” GM Monte McNair said in a statement. “Richaun brings toughness, skill and versatility to the court. His energy is the perfect fit for our style of play and he represents the values of this organization. I’m excited to see what the future holds for him and this tremendously talented team we’re building.”
AUGUST 2: The Kings and center Richaun Holmes are in agreement on a four-year contract that could be worth up to $55MM, his agency tells Shams Charania of The Athletic (Twitter link). According to Charania, the deal includes a fourth-year player option and a trade kicker.
Holmes, 27, is coming off two impressive seasons in Sacramento, including perhaps the best year of his career in 2020/21. He averaged 14.2 PPG, 8.3 RPG, and 1.6 BPG on 63.7% shooting in 61 games (29.2 MPG) this past season, putting himself in position for a significant payday this summer.
There was a sense leading up to free agency that the Kings might have a hard time retaining Holmes, since the team only had his Early Bird rights, limiting the starting salary it could offer him without opening up cap space. Charlotte, Toronto, and Dallas were among the teams expected to have interest in prying him away from Sacramento.
However, Holmes’ agreement with the Kings suggests that those other presumed suitors didn’t make an aggressive play for the big man, opening the door for Sacramento to bring him back.
For what it’s worth, $55MM over four years is quite a bit more than the Kings could offer Holmes using his Early Bird rights, and there’s no indication that the team is clearing cap room to complete the deal, so that figure coming from the agent may be a generous one — I’d expect the base value of the contract to come in lower than that. The four-year Early Bird amount is a little shy of $47MM.
The Kings have now addressed the center position by lining up deals with Holmes and Alex Len, and reportedly have a deal in place to acquire Tristan Thompson from Boston as well.
Pistons Trade Mason Plumlee To Hornets
AUGUST 6: The trade is now official, according to press releases from both the Hornets and Pistons. Charlotte received Plumlee and the rights to No. 37 pick JT Thor in exchange for the rights to No. 57 pick Balsa Koprivica.
JULY 29: The Pistons and Hornets are finalizing a trade that would see Mason Plumlee sent to Charlotte along with the No. 37 pick in tonight’s draft in exchange for the No. 57 pick, reports ESPN’s Adrian Wojnarowski (via Twitter).
The Hornets had been expected to be one of the NBA’s most aggressive teams in pursuit of a center this offseason and will get an early start on addressing that position by acquiring Plumlee, who averaged 10.4 PPG, 9.3 RPG, and 3.6 APG in 56 games (26.8 MPG) during his first and only season as a Piston.
Plumlee had been set to earn $8.1MM in 2021/22 and will receive a 10% trade bonus as a result of the deal, bumping up that cap hit by $830K, tweets ESPN’s Bobby Marks.
Even at close to $9MM, Plumlee’s deal isn’t particularly onerous, especially since it’s only partially guaranteed in 2022/23. So it’s somewhat surprising that the Pistons were willing to drop down 20 spots in the draft to move off of it, especially since GM Troy Weaver just signed Plumlee to that deal last offseason.
Still, Detroit will gain cap flexibility as a result of the trade and could open up about $20MM in space rather than operating over the cap this summer, tweets Nate Duncan. The move will also create additional playing time for promising young big man Isaiah Stewart.
The deal will have to be completed once the new league year begins, when the Hornets can take Plumlee into their cap space. They’ll still have about $13MM in projected cap room, according to Marks, so they could pursue another center in free agency.
Clippers Re-Sign Reggie Jackson To Two-Year Deal
AUGUST 11: The Clippers have officially re-signed Jackson, according to NBA.com’s transactions log.
AUGUST 6: Free agent point guard Reggie Jackson intends to sign a two-year, $22MM deal to return to the Clippers, agents Aaron Mintz and Erika Ruiz tell Adrian Wojnarowski of ESPN (Twitter link).
That figure (which will actually come in around $21.6MM) is the maximum the capped-out Clippers can pay Jackson using his Early Bird rights, as Woj and Bobby Marks of ESPN note (Twitter link). Early Bird contracts must cover at least two years without a player or team option.
After settling for a minimum-salary contract last offseason, Jackson was rewarded with a significant raise for his strong play in 2020/21. The 31-year-old averaged 10.7 PPG with a .433 3PT% and was even better in the playoffs, putting up 17.8 PPG on .484/.408/.878 shooting.
He played in key role in helping the Clippers defeat Utah in the Western Conference Semifinals and push the Suns to six games in the Western Finals after Kawhi Leonard went down with an ACL injury in round two.
The Pelicans, Celtics, Knicks, and Nuggets were reported as potential suitors for Jackson, but a return to Los Angeles had always been considered the most likely scenario for the veteran guard. Jackson will be an important part of a backcourt that once again projects to include Rajon Rondo, Patrick Beverley, and Terance Mann.
The Clippers, meanwhile, still have one more major item on their free agency to-do list, as star forward Kawhi Leonard has yet to agree to a new deal with the team. He’s widely expected to do so sooner or later, but it remains to be seen what the exact terms of his new agreement will look like.
Nets Trade Landry Shamet To Suns For Jevon Carter, Day’Ron Sharpe
AUGUST 6: The Suns have officially acquired Shamet from the Nets in exchange for Carter and the rights to Day’Ron Sharpe, the team announced in a press release.
JULY 29: The Nets have agreed to trade sharpshooter Landry Shamet to the Suns in exchange for Jevon Carter and the No. 29 pick in Thursday’s draft, according to ESPN’s Adrian Wojnarowski (Twitter link).
As a result, Brooklyn now owns the 27th, 29th, 44th, 49th and 59th picks in the 2021 draft. Carter, a 6’1″ point guard, will provide backcourt depth behind the likes of Kyrie Irving and James Harden, assuming he stays with the team.
Phoenix wasn’t interested in using the No. 29 pick on a player who likely wouldn’t have played much, preferring to add a more proven veteran to the mix, John Gambadoro of Arizona Sports 98.7 tweets. The Suns are coming off their first NBA Finals berth since 1993 and third berth in franchise history.
Suns coach Monty Williams is a strong supporter of Shamet, dating back to when he coached him as an assistant with the Sixers, Wojnarowski notes (via Twitter). The 24-year-old Shamet averaged 9.3 points per game in 61 contests last season, shooting 41% from the floor and 39% from three-point range.
As ESPN’s Bobby Marks notes (via Twitter), the trade won’t be completed until August 6 at the earliest. Shamet’s salary will increase from $2MM to $3.76MM for next season, while Carter will make $3.65MM in 2021/22. Shamet also becomes eligible for a rookie-scale extension on August 6.
Nets Sign DeAndre’ Bembry
AUGUST 8: The Nets have officially signed Bembry, the club announced today in a press release.
AUGUST 6: The Nets have reached a one-year agreement with free agent swingman DeAndre’ Bembry, according to ESPN’s Adrian Wojnarowski (Twitter link). While terms of the deal weren’t reported, Brooklyn is currently limited to minimum-salary commitments.
Bembry, who joins Patty Mills and James Johnson as veteran free agents to commit to Brooklyn this offseason, spent the 2020/21 season with the Raptors. He appeared in 51 games, averaging 5.7 points on 51% shooting from the floor and 26% shooting from deep, providing defensive versatility and athleticism off the bench. He was waived on Tuesday before his 2021/22 salary became guaranteed.
The 6’5″ Bembry was also the No. 21 pick of the 2016 NBA Draft. He spent the first four years of his career with Atlanta, mostly playing off the bench.
In addition to Bembry, Mills and Johnson, the Nets also reached new deals with two of their own free agents this summer: Blake Griffin and Bruce Brown. The team has built a formidable roster around the likes of Kyrie Irving, James Harden and Kevin Durant as it seeks its first-ever NBA championship.
NBA’s 2021 Free Agency Moratorium Ends
The NBA’s 2021 free agency moratorium has officially ended, as of 11:00am central time, meaning teams are now allowed to conduct official business. The moratorium is the period at the start of the NBA league year when teams are permitted to agree to trades and free agent contracts, but can’t yet formally finalize them.
[RELATED: 2021 NBA Free Agent Tracker]
There are a number of types of deals that can be finalized during the moratorium, as we’ve seen this week. Teams can sign first-round picks to their rookie contracts, two-way contracts can be made official, and players signing minimum-salary contracts can also finalize those deals. Still, most of the deals agreed upon since August 2 are not yet official.
Although the end of the moratorium signals the beginning of official business for many teams, those teams aren’t obligated to immediately finalize deals reached during the moratorium. Salary-cap machinations and intertwined trades mean that patience will be required on certain moves.
The Jazz, for instance, agreed to trade for the rights to No. 40 pick Jared Butler in a draft-night deal with the Grizzlies. However, before Utah can acquire Butler from Memphis, the Grizzlies will have to acquire him from the Pelicans, who were technically the team that selected Butler on draft night. Those trades are two of at least a dozen from July or early August that still need to be finalized.
[RELATED: 2021 NBA Offseason Trades]
Now that the moratorium has lifted, we’ll be updating our stories of contract and trade agreements to reflect when they become official.
For top headlines from the last week, like the deals involving John Collins, Chris Paul, Kyle Lowry, and other big-name free agents, we’ll bump those stories to the top of the site or publish new stories so you don’t miss news of them becoming official.
However, since we don’t want to bury new news amidst confirmation of old signings, our stories on smaller deals won’t be moved to the top of our feed unless there are new developments or details.
Andre Iguodala Signs One-Year Deal With Warriors
AUGUST 10: Igoudala’s new deal with the Warriors is now official, the team announced today in a press release.
AUGUST 6: Free agent forward Andre Iguodala has agreed to return to the Warriors, telling Jonathan Abrams of The New York Times that he’ll sign a one-year deal with Golden State. His intention is to finish his career with the franchise.
According to Anthony Slater of The Athletic (Twitter link), Iguodala – like fellow free agents Otto Porter and Nemanja Bjelica – will receive the veteran’s minimum from Golden State.
A report on Thursday indicated that Iguodala – who became a free agent after the Heat turned down his $15MM team option – had narrowed his choices down to the Warriors, Lakers, and Nets, while a follow-up report this morning from Jordan Schultz of ESPN (Twitter link) suggested the decision would likely come down to Brooklyn vs. Golden State.
In the end, the opportunity to reunite with the Warriors won out for the 37-year-old, who previously earned three titles with the team.
“Who would have thought I’d have the opportunity to go back to the place where I was able to have, whatever you want to call it, legacy years, in terms of the accomplishments, winning multiple championships, the relationships that I was able to build with some of my closest friends and teammates?” Iguodala said. “The relationship with the fans, the relationship with the Bay, the opportunity to end it here, was just something special.”
Iguodala, who routinely averaged between 15-20 points per game for the 76ers early in his NBA career, is no longer much of an offensive threat, having put up just 4.4 PPG, 3.6 RPG, and 2.3 APG on .396/.323/.585 shooting in 84 games (20.9 MPG) over the last two seasons in Miami.
However, the veteran forward remains a reliable, versatile defender and brings veteran leadership to a locker room. He told Abrams that he’s looking forward to taking on a mentor role for the Warriors’ young players.
As for how much longer Iguodala plans to spend in the league before his retirement, that decision remains up in the air, as Abrams relays.
“I think I’ve got some more time left,” Iguodala said. “Where I’m comfortable at is I can decide when I’m ready to go. I think I want to leave with just a little bit left. I don’t want to go out on one leg. I know I’ve got a few more years. It’s just my decision whether it’s one or two or three or whatever it may be. I shouldn’t even say three. One or two.”
Bulls RFA Lauri Markkanen Seeking “Fresh Start”
Bulls restricted free agent forward Lauri Markkanen is looking to leave Chicago this offseason, he tells Finnish journalist Antti-Jussi Sipilä of Yle.fi (hat tip to Chris Haynes of Yahoo Sports).
“We have offers from several different teams,” Markkanen said in Finnish. “I want a fresh start to my NBA career somewhere else.”
The seventh overall pick in the 2017 draft, Markkanen showed a ton of promise as a stretch four during his first two NBA seasons, posting a career-high 18.7 PPG and 9.0 RPG on .430/.361/.872 shooting in 52 games (32.3 MPG) in 2018/19. However, his development trajectory has leveled off since then, as he has battled a series of injuries and provided up-and-down production.
Chicago issued Markkanen a $9MM qualifying offer last week, making him a restricted free agent and giving the team the right to match any offer sheet he signs.
With cap room drying up across the league, there are few teams left that could realistically sign the 24-year-old outright to an offer sheet that exceeds the Bulls’ qualifying offer or the full mid-level exception ($9.5MM). The Hornets were said to be mulling an offer sheet for Markkanen, but have since reached a deal with Kelly Oubre that projects to eat up most or all of their remaining space.
The Thunder and Pelicans are among the teams that could realistically generate enough room to make a play for Markkanen. However, there have been no reports indicating either club is considering an offer sheet. A sign-and-trade would also be a possibility to get Markkanen to a new team that doesn’t necessarily have the space to sign him outright, but that would require the Bulls’ cooperation and they’d seek at least an asset or two to let him walk.
A report earlier this week stated that the Spurs had interest in Markkanen in the DeMar DeRozan sign-and-trade, but weren’t comfortable meeting his asking price. The Timberwolves are also believed to have interest, but don’t have a ton of cap flexibility.
One additional option for Markkanen would be to accept his one-year qualifying offer, which would allow him to become an unrestricted free agent in 2022. However, if he’s eager to leave Chicago, that’s likely not his preferred path.
The Bulls’ interest – or lack thereof – in hanging onto Markkanen will likely dictate how this situation plays out. If the team is willing to let him go after reshaping its roster this week, a sign-and-trade seems like a plausible outcome.