Transactions Rumors | Hoops Rumors

Knicks Sign Frank Ntilikina To Rookie Contract

July 5th, 2017 at 5:23pm CST by Luke Adams

The Knicks’ new point guard has a new contract, according to the team, which announced today (via Twitter) that Frank Ntilikina has officially inked his four-year rookie deal. As Marc Berman of The New York Post tweets, Ntilikina’s mother was in attendance to witness the event.

[RELATED: 2017 NBA Draft Pick Signings]

As the No. 8 overall pick in the 2017 draft, Ntilikina is in line for a first-year salary of about $3.5MM, with a four-year total of $18.69MM on his new deal. The third and fourth years will be team options.

While Ntilikina projects to be the Knicks’ point guard of the future, it’s not clear whether he’ll get a chance to play major minutes right away. The club has been fairly quiet in free agency, but continues to seek a veteran point guard to act as a mentor for Ntilikina, who will turn 19 later this month.

Pacers Waive Monta Ellis

July 5th, 2017 at 5:03pm CST by Luke Adams

5:03pm: The Pacers have officially waived Ellis, per the NBA’s transactions log. According to David Aldridge of TNT (via Twitter), Indiana will use the stretch provision on Ellis, stretching his cap hit across five years.

That will create nearly $9MM in extra 2017/18 cap room for the Pacers, which they could use to make an offer to Kelly Olynyk or another free agent.

4:16pm: Confirming that Ellis is being waived, Nate Taylor of The Indianapolis Star tweets that there’s no buyout involved in the transaction, meaning Indiana will remain on the hook for Ellis’ 2017/18 salary unless another team claims him, which is extremely unlikely.

4:06pm: The Pacers are waiving veteran guard Monta Ellis, according to Shams Charania of The Vertical (Twitter link). Charania’s report doesn’t include any additional details yet, but the two sides were said to be discussing a buyout earlier this week, so it seems they’ve reached an agreement.

Ellis entered the 2016/17 season having started 677 of 710 regular season games since his rookie season, but saw his role with the Pacers reduced last season, and started just 33 of 74 games. The 31-year-old averaged 8.5 PPG and 3.2 APG in 27 MPG, which all represented the lowest marks since his rookie season back in 2005/06.

The contract Ellis signed with Indiana back in 2015 called for him to make $11.227MM in 2017/18 and featured a player option worth $11.69MM in 2018/19. Ellis’ player option is currently non-guaranteed, however, so the Pacers will only be on the hook for his ’17/18 salary if no buyout was reached.

Ellis will be suspended for the first five games of next season for violating the league’s anti-drug policy, but that shouldn’t have a substantial impact on his market as he seeks his next team. He’ll be an unrestricted free agent after he officially clears waivers.

Photo courtesy of USA Today Sports Images.

Bulls Sign Lauri Markkanen To Rookie Contract

July 5th, 2017 at 3:34pm CST by Luke Adams

The Bulls have made it official with first-round pick Lauri Markkanen, announcing today in a press release that they’ve signed the former Arizona big man to his rookie contract.

Markkanen, this year’s seventh overall pick, was acquired by the Bulls from the Timberwolves in the Jimmy Butler blockbuster, heading to Chicago along with Kris Dunn and Zach LaVine in exchange for Butler and the 16th overall pick (Justin Patton).

Markkanen’s new deal, which will feature two guaranteed years followed by two team options, figures to pay him $3.822MM in year one, and about $20.39MM over the full four years, as our rookie scale chart shows. Those figures assume he signed for 120% of the rookie scale amount, which virtually every first-rounder does.

Assuming he plays out his full deal, Markkanen will be eligible for an extension in the 2020 offseason, and could become a restricted free agent in 2021 if he doesn’t re-up the year before.

Mavs Sign Dennis Smith Jr. To Rookie Contract

July 5th, 2017 at 3:03pm CST by Luke Adams

The Mavericks have signed this year’s lottery pick Dennis Smith Jr. to his first NBA contract, the team announced today in a press release. Smith is one of several first-round picks who has officially signed with his new club this week.

Smith, 19, was the fifth point guard selected in the 2017 draft, and the ninth player off the board overall. As the No. 9 pick, he’ll be in line for a $3.218MM salary in his rookie season, and his four-year rookie contract will be worth more than $17MM overall, assuming his third- and fourth-year options are exercised. His year-by-year salaries are outlined in our chart of this year’s rookie scale.

Smith, who played his first and only season of college ball at North Carolina State, averaged an impressive 18.1 PPG and 6.2 APG for the Wolfpack, shooting 50.9% from the field and chipping in 1.9 SPG.

Despite being linked to several free agent point guards this offseason, the Mavericks have stayed out of the fray so far this week. The team seems likely to pick up a veteran at some point, but the fact that the Mavs didn’t pursue any top-tier options suggests that they’re confident in Smith’s ability to take on a substantial role sooner rather than later.

Blazers Sign Collins, Swanigan To Rookie Contracts

July 4th, 2017 at 11:12pm CST by Luke Adams

The Trail Blazers have officially signed rookie big men Zach Collins and Caleb Swanigan to their first NBA contracts, according to a pair of press releases issued by the team.

Portland entered last month’s draft with three first-round picks, but packaged the 15th and 20th overall selections to acquire the No. 10 overall pick, which the team used to snag Collins. The Blazers held onto their other first-rounder, No. 26 overall, and selected Swanigan with that pick.

As our chart of rookie scale salaries for 2017/18 shows, Collins will be in line for a first-year salary of $3.06MM and a four-year total of $16.33MM, while Swanigan will earn a more modest $1.47MM salary this season and $8.9MM over four years.

While their investments in Collins and Swanigan are fairly modest compared to most other players on their roster, every dollar will count this year for the Blazers, who already had nearly $133MM in guaranteed salaries on their books before locking up their first-rounders. If Portland is unable to move contracts in a trade, Collins’ and Swanigan’s deals will increase the team’s projected tax penalties for 2017/18.

Nets, Otto Porter Agree To Max Deal; Wizards Plan To Match

July 4th, 2017 at 9:05pm CST by Luke Adams

9:05pm: The Wizards had hoped to work out a more cap-friendly deal with Porter, but they still intend to match the Nets’ offer, reports Chris Mannix of The Vertical (via Twitter).

8:42pm: The Nets and Otto Porter have reached an agreement on a four-year, maximum salary deal, reports Shams Charania of The Vertical (Twitter link). Because Porter is a restricted free agent, Brooklyn will have to sign Porter to an offer sheet, and the Wizards will have the opportunity to match it.

Porter, who can receive up to $106,524,975 on a four-year deal, reportedly received such an offer from the Kings over the weekend as well. However, Porter didn’t accept that offer right away, opting to meet with other teams instead, and Sacramento used its cap room to reach deals with George Hill and Zach Randolph. In the wake of Gordon Hayward‘s departure from Utah, Porter had reportedly lined up a meeting with the Jazz, but Brooklyn swooped in with a max offer and struck a deal with the RFA forward.

Based on the wording of Charania’s report, it sounds like Porter hasn’t formally signed an offer sheet from Brooklyn quite yet. However, he is eligible to do so during the moratorium. If he makes it official with the Nets, the clock for the Wizards to make their decision would begin on July 6 when the moratorium ends. Washington would have until the end of the day on July 8 to match the offer.

Long considered a probable suitor for Porter, the Nets had an excess of cap room and showed in 2016 that they’re willing to dive into the RFA market in search of long-term assets. Last year, Brooklyn had offer sheets for Allen Crabbe, Tyler Johnson, and Donatas Motiejunas matched by the Trail Blazers, Heat, and Rockets, respectively. The club will be hoping for better luck this time around, though the RFA market has been slow to develop, so if the Wizards match on Porter, the Nets could go shopping for another target or two.

As for the Wizards, they’ve been widely expected to match any offer for Porter, but the Nets will put them to the test with this offer. Washington entered the free agent period with approximately $94MM in guaranteed money on the cap for 2017/18 and has since struck deals with Jodie Meeks and Mike Scott that figure to add nearly $5MM more to the books. As such, Porter’s deal, with its first-year cap hit of $24.77MM, will take the Wizards over the tax line if they match.

Washington reportedly intended to use the bi-annual exception to complete Meeks’ deal, but may instead choose to use a portion of the taxpayer mid-level exception to avoid becoming hard-capped at $125.266MM for the ’17/18 league year.

Porter, who has steadily improved his production in each of his four NBA seasons, had his best year as a pro in 2016/17, averaging career bests in PPG (13.4), RPG (6.4), and SPG (1.5), while posting an incredibly efficient .516/.434/.832 shooting line. I ranked him eighth overall in Hoops Rumors’ list of this year’s top 50 free agents.

Photo courtesy of USA Today Sports Images.

Celtics Rescind Kelly Olynyk’s Qualifying Offer

July 4th, 2017 at 7:30pm CST by Luke Adams

In the wake of their agreement with Gordon Hayward, the Celtics have started making moves to create cap room for Hayward’s maximum salary contract. That means that Boston has pulled Kelly Olynyk‘s qualifying offer, allowing him to become an unrestricted free agent, tweets Adrian Wojnarowski of ESPN.

Olynyk initially received a qualifying offer worth about $4.19MM from the Celtics in June. That offer didn’t lock the two sides into anything, but it made the 26-year-old center a restricted free agent, and created a $7.74MM cap hold on Boston’s cap. The Celtics need to clear that $7.74MM cap hold to help make space for Hayward, opening the door for Olynyk to sign outright with another team.

According to Wojnarowski (via Twitter), there will be a “strong” market for Olynyk, who averaged 9.0 PPG and 4.8 RPG in a part-time role for the Celtics last season. The seven-footer’s ability to make an outside shot (.368 career 3PT%) should appeal to several teams.

The Hawks and Pacers will be on the list of potential suitors for Olynyk, per Sam Amick of USA Today (Twitter link).

Magic Waive Stephen Zimmerman

July 4th, 2017 at 4:36pm CST by Luke Adams

The Magic have parted ways with the 41st overall pick from last year’s draft, according to Josh Robbins of The Orlando Sentinel, who tweets that the team has waived second-year center Stephen Zimmerman.

Zimmerman, 20, saw limited action during his rookie season in Orlando, averaging 1.2 PPG and 1.8 RPG in 19 games (5.7 MPG) for the club. The former UNLV big man had a more extensive role in 21 games for the Erie BayHawks, averaging 13.4 PPG and 8.9 RPG in the G League.

While teams are often inclined to stick with second-round projects for longer than just one year, the Magic are under new management this offseason, having hired Jeff Weltman and John Hammond to replace Rob Hennigan in the front office, so the new group didn’t have any particular attachment to Zimmerman.

Zimmerman’s contract also forced the team to make a decision on him this week — his minimum salary for 2017/18 was set to become fully guaranteed if he wasn’t cut by the end of the July moratorium. The Magic won’t be on the hook for any of that money now that they’ve waived him.

Heat Officially Waive Chris Bosh

July 4th, 2017 at 4:18pm CST by Luke Adams

Chris Bosh‘s salary will officially no longer count against the Heat’s salary cap going forward, with the team announcing today in a press release that Bosh has been waived. The move formally brings an end to Bosh’s seven-year stint with the franchise.

“Chris changed his life and basketball career when he came to Miami,” team president Pat Riley said in a statement. “And he changed our lives for the better, in a way we never would have imagined, when he joined the Miami Heat. We will forever be indebted to CB for how he changed this team and led us to four trips to the NBA Finals and two NBA Championships. He is, without a doubt, one of the greatest players in the history of the franchise.

“The number ‘1’ will never be worn by another player and we can’t wait to someday hang his jersey in the rafters,” Riley continued. “Today, we are both moving on but we wish Chris, Adrienne and their family nothing but the best. They will forever be part of the Miami Heat family.”

As we detailed last month when an independent doctor ruled Bosh’s blood-clot issues to be career-ending, he will no longer count against the Heat’s salary cap due to his medical retirement designation. That clears more than $52MM in total salary from the team’s books for the next two years, including $25.3MM+ in 2017/18. Miami will still have to pay Bosh his remaining salary, though the team figures to recoup a significant chunk of that money through insurance.

It’s possible Bosh will attempt a comeback at some point, though NBA executives are skeptical about the odds of that. If his NBA career is officially over, the 33-year-old will finish with averages of 19.2 PPG and 8.5 RPG over 893 total games with the Raptors and Heat (14 total seasons, including 2016/17). Bosh was named to 11 All-Star teams and won two championships over the course of his career.

Photo courtesy of USA Today Sports Images.

Sixers Sign Furkan Korkmaz To Rookie Contract

July 4th, 2017 at 3:41pm CST by Luke Adams

JULY 4, 3:41pm: The Sixers have officially signed Korkmaz to his rookie contract, the team announced today in a press release.

JUNE 30, 1:25pm: The Sixers aren’t quite ready to confirm an agreement with Korkmaz, with both Keith Pompey of The Philadelphia Inquirer and Jessica Camerato of CSPhilly.com reporting (via Twitter) that the team is still working on the details of his FIBA clearance and buyout. However, both Pompey and Camerato hear that it “very well” may happen.

12:51pm: A cryptic tweet from Furkan Korkmaz‘ agent today appears to signal that the 2016 first-rounder will be coming to Philadelphia for the 2017/18 season. Agent Misko Raznatovic took to Twitter to announce that Sixers fans will have a reason to drink Turkish beer, a reference to his client Korkmaz, who is a Turkish shooting guard. Anadolu Efes, Korkmaz’ current team in Turkey, has since confirmed that he’ll be headed to the NBA, according to David Pick (Twitter link).

Korkmaz had expressed a strong desire to come stateside this year, and head coach Brett Brown indicated after last week’s draft that he expected the 19-year-old to make the leap to the NBA. Korkmaz, who spent the 2016/17 season on loan to Banvit, averaged 10.8 PPG and shot 39.8% on three-pointers in 21 Turkish League games.

Korkmaz’ buyout with Anadolu Efes was believed to be a roadblock in the way of his potential move to the Sixers. That buyout is reportedly worth two million euros, and NBA teams are only allowed to pay up to $675K of an international buyout. For Korkmaz to officially sign with the Sixers, he’ll have to pay off the rest of the buyout himself, likely in installments. Eurohoops reports that the two sides are in negotiations now on that buyout.

Assuming Korkmaz finalizes a deal, he’ll be subject to the 2017/18 rookie scale. As the 26th overall pick last year, Korkmaz would be in line for the same contract as Caleb Swanigan, this year’s No. 26 pick. As I detailed last week, that deal figures to be worth $1,465,920 in 2017/18, and a total of $8,904,867 over four years.

While Korkmaz is poised to sign with the Sixers, one of the team’s 2017 first-rounders, Anzejs Pasecniks, is said to be staying in Spain for the upcoming season.