According to Shams Charania of The Athletic (Twitter link), Sacramento agreed to give Jones a four-year contract worth $8.76MM. The first two years will be guaranteed, Charania adds.
The second-round pick exception is a new addition to the league’s Collective Bargaining Agreement. It allows teams to sign their second-rounders without requiring cap room or a cap exception like the mid-level. In past years, the Kings would have had to use a portion of their cap space (or the non-taxpayer mid-level, if they’d operated over the cap) in order to give Jones a four-year contract.
The second-round pick exception requires four-year deals to include a team option in the final year. It allows Jones to receive salaries worth more than the rookie minimum in the first two seasons of the deal, with minimum salaries in the last two.
The signing also won’t count against the Kings’ cap room until the end of July — this is to ensure a club can sign its second-rounders for Summer League play without having to worry about the impact on the team’s financial flexibility.
Jones is coming off a strong junior season at Xavier, where he averaged 15.0 PPG, 5.7 RPG, and 4.4 APG with a .509/.378/.653 shooting line in 36 games (34.0 MPG) in 2022/23.
Jones has already been part of two trades in his brief NBA career. The Hornets technically drafted the 6’6″ wing, but his rights were flipped to the Celtics and then to Sacramento. The Kings sent a future second-round pick to Boston in order to move up four spots from No. 38 to land Jones.