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Knicks Re-Sign J.R. Smith

July 16th, 2013 at 10:55pm CST by Luke Adams

JULY 16TH: Smith's deal is actually for a maximum of three years and $17.95MM, with the third year a player option, reports Howard Beck of the New York Times. Beck also adds, via Twitter, that Smith's agent Leon Rose says the shooting guard originally agreed to a four year pact, as was reported below, but then opted for a shorter deal in order to become a free agent sooner. If Smith declines his third-year option, he can become a free agent in 2015 with full Bird rights. As Beck notes in his story, it is peculiar that Knicks GM Glen Grunwald didn't make an effort to clarify this point in his conference call with the media today, especially considering the scrutiny he has been under since news broke of Smith's surgery.

JULY 11TH: The Knicks have made the re-signing of Smith official, according to the club's PR Twitter account.

JULY 10TH: According to cap expert Larry Coon (via Twitter), the Early Bird amount for the coming season is $5,565,000. Assuming Smith will receive the max contract allowable via the Early Bird exception, as had been previously reported, that means he'll earn $24,764,250 over the course of his contract.

The year-by-year amounts work out to about $5.57MM, $5.98MM, $6.4MM, and $6.82MM, respectively.

JULY 4TH: The Knicks have reached an agreement to re-sign J.R. Smith, agent Leon Rose tells Frank Isola of the New York Daily News (Twitter link). According to Marc Berman of the New York Post (via Twitter), Smith's new deal will be for four years and approximately $24.7MM, while Howard Beck of the New York Times tweets that the fourth year will be a player option.

As Beck notes (via Twitter), the exact amount Smith will earn won't be known until the NBA determines the league's average salary. Because the Knicks held the 27-year-old's Early Bird rights, they're permitted to offer him a contract that starts at 104.5% of the NBA's average salary, which is expected to be in the neighborhood of $5-5.5MM.

As recently as yesterday, a report suggested that Smith would have larger offers on the table from teams besides the Knicks, making it very possible that he'd leave New York. But with the Bucks closing in on a deal with O.J. Mayo, one leading suitor for Smith may have been out of the mix. Additionally, returning to the Knicks always seemed to be Smith's preference, and he showed last summer that he was willing to take a discount to remain in NYC.

Smith, the 2012/13 Sixth Man of the Year, was terrific off the bench for the Knicks last season, averaging 18.1 PPG and recording a 17.6 PER as the club's second scoring option after Carmelo Anthony.

Adrian Wojnarwoski of Yahoo! Sports reported yesterday that Smith, a CAA client, was nearing an agreement with the Knicks.

Bucks Amnesty Drew Gooden

July 16th, 2013 at 6:58pm CST by Alex Lee

The Bucks have used their amnesty provision on Drew Gooden, the organization announced today via the team Twitter account. Gooden was rumored to be on the block for much of the winter, so it's no surprise that the Bucks amnestied the former Kansas star, who had two years and more than $13MM remaining on his contact.

Gooden signed a five-year, $32MM deal with Milwaukee before the 2010/11 season but appeared in only 16 games with the team last year, as the Bucks went young on the front line. He had arguably his best season as pro in Milwaukee in 2011/12, averaging 13.7 points and 6.5 rebounds in 26.2 minutes per game, which added up to a PER of 18.88.

Gooden, an 11-year veteran whose been traded five times, will now enter the amnesty waiver process, where teams with cap room can put in a claim for him over the next 48 hours. If no team bids, he will become an unrestricted free agent. According to Grantland's Zach Lowe, the move frees up $8-9MM of cap space for Milwaukee while keeping the cap hold for Brandon Jennings on the books (Twitter link). This assumes the Bucks don't re-sign Samuel Dalembert.

Raptors Amnesty Linas Kleiza

July 16th, 2013 at 6:18pm CST by Alex Lee

The Raptors will use their amnesty provision on Linas Kleiza, the team officially announced today through a press release. We heard earlier that this move was to be expected, as the deadline for teams to use their amnesty clause for this season is tonight. Kleiza signed with Toronto as a free agent three years ago and appeared in 108 games for the Raptors, averaging 9.8 points and 4.0 rebounds in 22.8 minutes per game.

“We thank Linas for his contributions as a Raptor and wish him all the best,” Raptors GM Masai Ujiri said in the press release.

Kleiza will now be subject to the amnesty waiver process, where teams with cap room can put in a claim for his services over the next 48 hours. If no team bites, Kleiza becomes an unrestricted free agent and, as our earlier report indicates, will probably head overseas for the coming season. While this move won't clear any cap room for Toronto, it should allow the team to move below the tax threshold.

Raptors Sign Dwight Buycks

July 16th, 2013 at 4:14pm CST by Luke Adams

JULY 16TH: The Raptors have officially signed Buycks, according to the team (via Twitter).

JULY 12TH: The Raptors have reached a contract agreement with point guard Dwight Buycks, according to Darnell Mayberry of the Oklahoman (via Twitter). Buycks will have a chance to earn the backup point guard job with the Raptors, says Mayberry, while Shams Charania of RealGM.com reports it will be a multiyear contract.

Buycks spent last season with BCM Gravelines in France, averaging 18.0 PPG on 48.6% shooting. Prior to playing in France, the 24-year-old played in Belgium and spent time with the Thunder's D-League team, the Tulsa 66ers. The Marquette product also had been playing well for Oklahoma City in Summer League play in Orlando this month, prompting Keith Schlosser of Ridiculous Upside to wonder if he'd earn an NBA contract.

The Raptors figure to head into 2013/14 with Kyle Lowry as the starting point guard, but may not have a veteran backing up, with Sebastian Telfair and John Lucas III on the open market. In addition to Buycks, the Raptors have also agreed to terms with Julyan Stone.

The Trail Blazers, Thunder, and Heat were also interested in Buycks before he agreed to sign with the Raptors, says Charania.

Knicks Sign Metta World Peace

July 16th, 2013 at 3:57pm CST by Luke Adams

TUESDAY, 3:57pm: The Knicks have officially signed World Peace, the team confirmed today (via Twitter).

MONDAY, 3:07pm: World Peace confirmed on NBA TV that he has agreed to sign with the Knicks, tweets Mark Medina of the Los Angeles Daily News.

2:46pm: In spite of World Peace's denial, new reports on the agreement continue to trickle in, and Ron Artest Sr. has essentially confirmed the deal with multiple outlets, so it looks to me like it'll get done.

2:28pm: Despite multiple outlets reporting the agreement, World Peace has texted Sam Amick of USA Today to say it's not a done deal, and that he's "still talking to other people" (Twitter link).

2:14pm: Newsday's Al Iannazzone reports (via Twitter) that World Peace will receive the rest of the Knicks' mini MLE and will have a second-year player option, as I speculated below.

2:04pm: The Knicks and Metta World Peace have reached an agreement in principle on a two-year deal, according to Adrian Wojnarowski of Yahoo! Sports (via Twitter). Sam Amick of USA Today reported earlier this afternoon that World Peace had met with the Knicks in Las Vegas and planned to sit down with other teams, but it appears as if those additional meetings won't be necessary.

We heard nearly a week ago that the Knicks would top World Peace's wish list if the Lakers were to amnesty him. Since then, the Lakers made the move official, and many more rumors about World Peace's preferred destinations surfaced. Various reports over the last week, including many that quoted MWP himself, indicated that he might sit out the 2013/14 season, end up on the Clippers, or play with a Chinese team.

Ultimately, it seems as if many of those quotes from World Peace were intended to ensure that he cleared waivers and was able to choose his own destiny. It's not clear yet whether the ex-Laker will receive the rest of the Knicks' mini mid-level exception, or if he'll sign for the minimum. Either way, he'll still earn more than the $7.73MM salary that the Lakers cleared from their cap. It wouldn't surprise me if the second year of his deal with the Knicks is a player option, giving him some security while allowing him to hit the open market next summer if he so chooses.

Heat Amnesty Mike Miller

July 16th, 2013 at 2:11pm CST by Luke Adams

2:11pm: The Heat have officially confirmed the move in a press release, with Riley calling the decision "very difficult" and adding that Miller will be "sorely missed."

1:48pm: Mike Miller's agent was informed by the Heat last night that the team will use the amnesty clause to release Miller, according to Joseph Goodman of the Miami Herald (via Twitter). Heat president Pat Riley told reporters last week that the team was leaning toward not using its amnesty provision this year, but left the door open to the possibility.

Miller was set to earn $6.2MM in 2013/14 and had a $6.6MM player option for '14/15. The Heat will still pay him those two years of salary, or perhaps a slightly smaller amount if Miller ends up signing with another team. According to Brian Windhorst of ESPN.com (via Twitter), the veteran's reps are reaching out to gauge interest from other clubs.

The Heat won't create any additional cap flexibility this season to add another player by amnestying Miller, but will significantly reduce their tax bill. The exact amount won't be finalized until the end of the season, but like the Lakers with Metta World Peace, the Heat should easily save $10MM+ by removing Miller from their books.

Although Miller had some big moments in the postseason over the last couple years, injuries have limited his production since he signed a five-year deal with the Heat in the summer of 2010. During his three seasons with the team, he has averaged 5.4 PPG and shot 41.2% on three-pointers in 139 regular-season contests.

The Heat had five other amnesty-eligible players besides Miller, all of whom would have still been eligible next summer. Assuming the Miller move becomes official later today, LeBron James, Chris Bosh, Dwyane Wade, Udonis Haslem, and Joel Anthony will no longer be amnesty-eligible.

Pistons Sign Chauncey Billups

July 16th, 2013 at 2:07pm CST by Luke Adams

JULY 16TH: The Pistons have made the Billups signing official, issuing a press release and (re-)introducing the veteran guard to Detroit media today.

JULY 11TH: The Pistons have reached a contract agreement with former NBA Finals MVP Chauncey Billups, reports Adrian Wojnarowski of Yahoo! Sports. According to Wojnarowski, the ex-Piston will return to Detroit on a two-year deal worth $5MM+. The second year will be a team option, tweets Vincent Goodwill of the Detroit News.

Billups, 36, indicated last week that he hoped to play at least two more years in the NBA, so seeing him secure a multiyear deal, even if the second year isn't fully guaranteed, isn't a shock. In addition to the Pistons, the Cavaliers, Spurs, Mavericks, Knicks, Kings, Nets and Wolves all expressed some level of interest in the veteran guard.

The two years Billups spent with the Clippers only resulted in 44 total games, due mostly to a torn Achilles tendon suffered in February 2012. In the contests he did play with the club, he averaged 11.5 PPG and 3.1 APG in 24.4 minutes per game, while shooting 37.7% on three-pointers.

For the Pistons, the hope is that Billups will be solid as a backcourt rotation piece and will help mentor Brandon Knight. The team appears to be using either cap space or its $2.65MM room exception to fit Billups onto the roster.

Lakers Sign Nick Young

July 16th, 2013 at 10:36am CST by Luke Adams

JULY 16TH, 10:36am: Young's deal with the Lakers is actually a two-year pact, with a player option in year two, reports Eric Pincus of the Los Angeles Times. Since it's a minimum-salary contract, the option is worth the minimum as well.

JULY 11TH, 6:35pm: The Lakers have officially signed Young, the team announced today (via Twitter).

5:17pm: According to USA Today's Jeff Zillgitt, Young's deal with the Lakers is for one year and $1.11MM, which is the veteran's minimum for a player entering his seventh year of NBA service.

4:14pm: Nick Young has agreed to sign with the Lakers, according to agent Mark Bartelstein (Twitter link via Sam Amick of USA Today). Considering Los Angeles has already committed its mini mid-level exception to Chris Kaman and can't acquire players via sign-and-trade, Young will presumably sign a minimum-salary deal.

Young, 28, averaged 10.6 PPG with a .413 FG% in 2012/13 with the Sixers. Prior to playing in Philadelphia, Young had spent most of the rest of his six-year NBA career with the Wizards. Although he had a brief stint with the Clippers in 2011/12, the USC product "will be with the team he always dreamed of playing for" when he officially signs with the Lakers, according to Bartelstein.

While Young isn't a particularly efficient player (12.8 career PER), he'll provide some much-needed scoring for a Lakers team that's expected to open the season without Kobe Bryant. Assuming the contract is for one year and the minimum, which seems likely given the club's cap constraints and desire to avoid adding long-term salary, Young could provide a good return on the Lakers' investment.

Rockets Sign Omri Casspi

July 16th, 2013 at 9:23am CST by Chuck Myron

JULY 16TH, 9:23am: The Rockets have made the Casspi signing official, according to Jonathan Feigen of the Houston Chronicle (via Twitter). As Feigen originally reported, it's a minimum-salary pact.

JULY 6TH, 2:58pm: Wojnarowski pegs the value of the deal at $2.6MM, which would make it more than a minimum-salary arrangement. It makes more sense that Casspi would come at the minimum, rather than at a deal that eats into the team's $2.65MM room exception, but we'll see how it shakes out when the deal becomes official after the July moratorium. Wojnarowski also notes that the Rockets became more intrigued with Casspi and his shooting touch after their agreement with Howard.

2:45pm: Casspi's deal is for the veteran's minimum, and the second year is a team option, Feigen tweets. That means a salary of $947,907 this year and $1,063,384 in 2014/15.

2:27pm: Omri Casspi and the Rockets have agreed on a two-year deal, tweets Adrian Wojnarowski of Yahoo! Sports. Houston had been pursuing the 25-year-old former first-round pick since the trade deadline, as Jonathan Feigen of the Houston Chronicle notes (on Twitter). Casspi became an unrestricted free agent when the Cavs declined to offer him a qualifying offer this summer, following a season when it appeared he'd fallen out of favor in Cleveland.

A report during the season indicated the Creative Artists Agency client would head back to his native Israel to play, but it sounds like there was enough NBA interest to keep Casspi stateside. His numbers have been in freefall since his rookie year with Sacramento, when he notched 10.3 points and 4.5 rebounds per contest. His 4.0 PPG and 2.7 RPG in limited minutes this year were far cries from his earlier production, and his three-point shooting, a strong suit when he was a King, deserted him in Cleveland. Presumably, the Rockets are looking for him to regain his stroke to give James Harden and Dwight Howard more room to score in the paint.

The Rockets appeared to be close to landing Casspi around the March 1st buyout deadline, but their agreement with Aaron Brooks scuttled that idea. Now, Brooks is gone and Delfino is headed to Houston.

Sixers Claim Tim Ohlbrecht, James Anderson

July 15th, 2013 at 8:30pm CST by Zachary Links

The Sixers have claimed Tim Ohlbrecht and James Anderson off of waivers from the Rockets and signed both players to non-guaranteed deals, according to Keith Pompey of The Philadelphia Inquirer. The Rockets placed both players on waivers this past Saturday.

Anderson and Ohlbrecht were each about to enter the second year of a three-year minimum-salary deal with the Rockets, but the final two seasons were non-guaranteed in both cases. Philadelphia is a logical landing spot for both players as recently-minted GM Sam Hinkie spent years in the Houston front office. If they make the 76ers, they'll join another ex-Rocket (sort of) in Royce White.

Anderson was the 20th overall pick in the 2010 draft, but the Spurs declined to pick up the third-year option on his rookie-scale contract, making him a free agent last summer. He spent training camp with the Hawks, re-signed with the Spurs early in the season, and wound up with the Rockets in January after San Antonio let him go.

Ohlbrecht was undrafted out of Germany, but Houston picked him up in February in the hopes that the 6'11" center could develop into a frontcourt contributor. Neither he nor Anderson played an integral role for the Rockets this past season.

Luke Adams contributed to this post.