Transactions Rumors | Hoops Rumors

Mavs, Dirk Nowitzki Finalize $50MM Deal

July 27th, 2016 at 5:21pm CST by Luke Adams

JULY 27th, 5:21pm: The deal is official, the Mavericks announced via press release.

JULY 22nd, 1:59pm: The second year of Nowitzki’s new deal is only partially guaranteed for $5MM, Stein writes within his full story on the agreement. Still, barring something drastic happening between now and next summer, it’s hard to imagine the Mavericks waiving the future Hall-of-Famer to get out of that second year — it’s likely a precaution in the event that Nowitzki decides to retire in 2017.

1:48pm: About two and a half weeks after reaching an agreement on the framework of a two-year contract, Dirk Nowitzki and the Mavericks have finalized that contract, and the deal will pay him more than initially expected, reports ESPN’s Marc Stein (via Twitter). According to Stein, Nowitzki’s new pact will be worth $50MM, an increase over the $40MM figure reported earlier this month.

Because the Mavericks hold Nowitzki’s Bird rights, the team can go over the cap to re-sign him, and can give him any salary up to his maximum, which is nearly $31MM for the 2016/17 season. Dallas has been keeping Nowitzki’s $12.5MM cap hold on the books while finalizing all the other agreed-upon signings and trades from the offseason — now that the team has no more cap room left, the 38-year-old’s deal can be completed.

Increasing Nowitzki’s salary by an extra $5MM per year shouldn’t have an impact on the team’s ability to bring in any other players. The pay bump also ensures that Dirk’s latest deal is worth slightly more than the final two-year, $48.5MM contract Kobe Bryant signed with the Lakers.

Even at $20MM annually, Nowitzki’s new deal would have represented a significant increase in salary on his last contract, which was worth $25MM over three years. At $50MM over two years, Nowitzki’s new annual average salary matches the overall value of that three-year pact.

The longtime Maverick opted out of the final year of that previous deal last month, choosing instead to work out a new, multiyear contract with Dallas. Although there were rumblings that the Warriors – and perhaps other teams – intended to reach out to Nowitzki, the Mavs were always the strong favorites to re-sign him.

Despite turning 38 in June, Nowitzki has continued to be extremely productive for the Mavericks, even as the team has slipped from title contention in recent years. In 2015/16, the German big man averaged 18.3 PPG, 6.5 RPG, and 1.7 3PG. Nowitzki’s field-goal percentage did slip to .448, his worst mark since his rookie season, but he shot a respectable 36.8% on three-pointers and continued to handle a significant offensive load for the franchise.

Nowitzki’s new two-year contract was reportedly expected to include a player option in year two, as of earlier this month. There’s no indication yet that has changed, now that the two sides have formally hammered out the details.

Photo courtesy of USA Today Sports Images.

Blazers Sign C.J. McCollum To Extension

July 27th, 2016 at 1:55pm CST by Luke Adams

JULY 27: The Blazers have officially signed McCollum to his extension, the team announced today in a press release.

“I’m ecstatic to be able to extend my career in Portland and grateful for the trust and the opportunity the organization has provided for me,” McCollum said in a statement. “Since I arrived in Oregon I’ve considered it home and look forward to building something special, not only on the court, but in the community as well.”

JULY 25: The Trail Blazers and C.J. McCollum have reached an agreement on a maximum-salary contract extension, reports Adrian Wojnarowski of The Vertical. According to Wojnarowski, the deal will add four years to McCollum’s current contract, locking him up through the 2020/21 season. Based on current cap projections, the deal would be worth about $106MM.

The 10th overall pick in the 2013 draft, McCollum became eligible for a contract extension for the first time this month, after playing the first three seasons of his rookie contract. He’s set to earn a modest $3.22MM salary in 2016/17 before getting bumped up to the max the following year. If he hadn’t agreed to an extension with Portland, McCollum would have been eligible for restricted free agency next summer.

After starting just three of 100 games in his first two seasons as a pro, McCollum became a full-time starter in 2015/16. He responded by increasing his scoring average from 6.8 PPG to 20.8 PPG, and chipped in 4.3 APG and 1.2 SPG as well. Although McCollum’s huge increase in production was largely due to a similar increase in playing time, he was also a more efficient contributor in his third season, establishing new career highs in FG% (.448), 3PT% (.417), and FT% (.827).

Because Portland inked Damian Lillard to a five-year contract extension last year, making him the team’s “designated player,” McCollum was limited to a four-year extension. Wojnarowski adds that the agreement for the team’s starting two guard won’t include any options or a trade kicker.

While the exact value of McCollum’s contract won’t be known until the NBA officially sets the 2017/18 salary cap next July, the league currently projects a $102MM cap, which would result in a starting salary of about $24MM on McCollum’s new deal. The Blazers already have nearly $62MM committed to Lillard, Allen Crabbe, and Evan Turner for the ’17/18 campaign — McCollum’s deal figures to bring that total to about $86MM.

Photo courtesy of USA Today Sports Images.

Hornets Sign Treveon Graham

July 26th, 2016 at 4:25pm CST by Eddie Scarito

The Hornets have signed unrestricted free agent Treveon Graham, the team announced. The length and terms of the arrangement were not relayed, though it is most likely a minimum salary deal with little or no guaranteed money.

“We were impressed by Treveon’s play last season in the D-League and followed him closely during his four-year career at VCU,” said GM Rich Cho. “We are excited to add someone with Treveon’s ability on both sides of the ball to our training camp roster.”

Graham appeared in 46 games for the Idaho Stampede in the NBA D-League during the 2015/16 season, averaging 15.7 points, 6.1 rebounds and 1.6 assists in 30.4 minutes per contest. The swingman participated in summer league ball this offseason with the Jazz in Las Vegas and with the Magic in Orlando, earning 2016 All-Southwest Airlines Orlando Pro Summer League honors along the way.

Blazers To Re-Sign Maurice Harkless

July 26th, 2016 at 3:49pm CST by Eddie Scarito

Restricted free agent Maurice Harkless has agreed to a four-year, $40MM deal to re-sign with the Trail Blazers, Shams Charania of The Vertical reports. The pact will be fully guaranteed with no options and it could reach $42MM with incentives, Charania adds.

Several teams were reportedly interested in Harkless early in the free agent process, including the Wizards, Pistons, Lakers, Mavericks and Jazz. But instead he’ll return to Portland where he emerged as a valuable rotation player on an up-and-coming Blazers team after being acquired from the Magic via trade last summer.

Harkless appeared in 78 games for Portland last season, including 14 tip-offs as a starter. He averaged 6.4 points, 3.6 rebounds and 0.9 assists in 18.7 minutes per outing, while shooting .474/.279/.622 from the field.

Photo courtesy of USA Today Sports Images.

Amar’e Stoudemire Announces Retirement

July 26th, 2016 at 2:59pm CST by Luke Adams

Amar’e Stoudemire has decided to call it a career, announcing his retirement today after signing a ceremonial contract with the Knicks, the team announced in a press release (Twitter link).

“I want to thank Mr. Dolan, Phil [Jackson] and Steve [Mills] for signing me so that I can officially retire as a New York Knick,” Stoudemire said in a statement. “I came to New York in 2010 to help revitalize this franchise and we did just that. Carmelo [Anthony], Phil and Steve have continued this quest, and with this year’s acquisitions, the team looks playoff-bound once again. Although my career has taken me to other places around the country, my heart has always remained in the Big Apple. Once a Knick, Always a Knick.”

The 33-year-old was the No. 9 overall pick in the 2002 NBA Draft, entering the league fresh out of high school. He appeared in 846 regular season games in his career, averaging 18.9 points, 7.8 rebounds, 1.2 assists and 1.2 blocks per contest and shooting .537/.236/.761 from the field. Stoudemire likely expected to play more than he did with Miami in 2015/16, appearing in just 52 games and logging 5.8 points and 4.3 rebounds in 14.7 minutes per outing on the campaign.

Photo courtesy of USA Today Sports Images.

Wizards Sign Bradley Beal To Five-Year Deal

July 26th, 2016 at 2:15pm CST by Luke Adams

JULY 26, 2:15pm: The Wizards have finally made it official with Beal after using up the rest of their cap room, announcing today that they’ve re-signed their standout guard.

“Bradley has proven himself as one of the top young shooting guards in the league, and we feel that he has the potential to rise to an elite level as he enters the prime of his career as one of the cornerstones of our team,” president Ernie Grunfeld said in a statement. “He is an outstanding member of the community and a great example of the type of player and person we want to represent our franchise.”

JULY 1, 9:46am: The two sides have agreed to a five-year, maximum salary contract, Jeff Goodman of ESPN.com relays (on Twitter).

JUNE 30, 11:24pm: The Wizards are close to reaching the first major free agent agreement of 2016, according to Adrian Wojnarowski of The Vertical, who reports that Washington is nearing a five-year, maximum-salary deal for Bradley Beal (Twitter link).

While The Vertical pegs the value of the five-year contract at $128MM, the exact total won’t be known until the NBA announces the salary cap amount for 2016/17, which won’t happen until next week. Based on a $94MM salary cap, a five-year max deal for Beal would be worth about $126.5MM. Either way, it would be a huge payday for the former third overall pick.

Beal, who turned 23 on Tuesday, is a talented scorer when healthy, averaging a career-high 17.4 points per game on 44.9% shooting in 2015/16. However, he also established a new career low in games played this past season, appearing in just 55 contests. The former third overall pick has never played more than 73 games in a season, due to injuries.

Still, the Wizards’ max offer to Beal comes as no surprise, as a report earlier in the offseason indicated the team would put such an offer on the table when free agency began. Beal’s cap hold is only worth about $14MM, so Washington figures to hold off on finalizing his new contract — if the team finds other uses for its cap room, it can make those moves first, then go over the cap to lock up Beal.

Heat Sign Dion Waiters

July 26th, 2016 at 12:27pm CST by Luke Adams

JULY 26, 12:27pm: The Heat have officially signed Waiters, the team confirmed today in a press release.

“Dion is not a Room Exception player,” team president Pat Riley said in a statement. “He wanted to play for the Miami HEAT and chose to forgo other more lucrative financial opportunities to be a part of our championship organization. We are very honored that he made the commitment to come to South Florida and sign with us. Dion is young, athletic and explosive, which fits in with our roster. He will add a great dimension for us at the off-guard spot. I really like the depth and versatility that we now have in our perimeter positions. Welcome aboard Dion!”

JULY 25, 3:48pm: Waiters received a two-year deal worth nearly $6MM, sources told The Vertical’s Adrian Wojnarowski. The club did use its room exception and Waiters has a player option on the second year, Wojnarowski adds.

2:13pm: The Heat have reached an agreement on a new contract with free agent shooting guard Dion Waiters, according to Jon Krawczynski and Tim Reynolds of The Associated Press. The AP duo reports that Waiters will sign a one-year deal with Miami worth the club’s $2.898MM room exception.

Given the kind of money we’ve seen thrown around so far this month, a one-year, $2.898MM deal for Waiters looks incredibly team-friendly. At the start of free agency, the Thunder issued a qualifying offer worth $6,777,589 to Waiters, making him a restricted free agent. Although Oklahoma City later rescinded that offer, allowing the 24-year-old to hit the open market, Waiters could have signed that one-year QO at any time while it was still on the table. Instead, he’ll earn less than half that amount with Miami.

Heat president Pat Riley indicated at a recent press conference that his team didn’t intend to use its room exception this summer, preferring to save it for a potential mid-season acquisition. Of course, Riley likely didn’t anticipate a player of Waiters’ caliber being willing to sign for such a modest one-year deal.

A former fourth overall pick, Waiters hasn’t developed into a star, but he has been a steady scorer off the bench over the course of his four NBA seasons. For his career, he has averaged 12.8 PPG, with a shooting line of .411/.334/.707. Last season, he appeared in 78 games (15 starts) for Oklahoma City, averaging a career-low 9.8 points for the Northwest division champs.

Although the Heat suffered a major blow when Dwyane Wade decided to sign with the Bulls rather than returning to Miami, the team has been active as it attempts to replace Wade’s production and fill the holes on its roster. As our Free Agent Tracker shows, the Heat have signed or re-signed veteran free agents Wayne Ellington, Tyler Johnson, James Johnson, Willie Reed, Derrick Williams, and Hassan Whiteside, in addition to Waiters.

Photo courtesy of USA Today Sports Images.

Cavs, Tyronn Lue Agree To Five-Year Extension

July 26th, 2016 at 12:22pm CST by Dana Gauruder

JULY 26: The Cavaliers have officially issued a press release announcing Lue’s new deal.

“Ty took over our team under very trying circumstances and his calm, confident approach was invaluable as we found our way to success,” GM David Griffin said in a statement. “His vision, leadership and tactical acumen were fundamental to us reaching our goals. We couldn’t be happier to have Ty continue to lead our group into the future.”

JULY 25: Cavaliers head coach Tyronn Lue has agreed to a five-year, $35MM extension, league sources informed Adrian Wojnarowski of The Vertical.

Lue was named head coach after David Blatt was fired on January 22nd. Cleveland went 27-14 the rest of the regular season under Lue’s guidance, then made history by winning its first championship. Lue was instrumental in keeping the team focused after it trailed the Warriors 3-1 in the Finals, then made its historic comeback to claim the title.

Lue had been Blatt’s associate head coach since the summer of 2014, when Blatt got the head job over him.

Lue became the league’s top-paid assistant at that time with a four-year deal worth $6.5MM. After he was named head coach, the Cavs and Lue’s representatives came to a verbal agreement on a renegotiated deal that would have paid him $3MM prorated for last season and $3MM this season, with a team option for a third year at $3.5MM with a buyout.

However, Lue reportedly didn’t sign that deal and there were no performance standards or stipulations that would have kept the verbal agreement valid after the season.

Pistons Sign Ray McCallum

July 26th, 2016 at 10:03am CST by Luke Adams

JULY 26: The Pistons have officially signed McCallum, the team announced today in a press release.

JULY 25: The Pistons have reached an agreement with free agent guard Ray McCallum, reports Michael Scotto of The Associated Press. According to Scotto (via Twitter), McCallum will ink a one-year, minimum-salary deal with Detroit.

For McCallum, joining the Pistons will represent a homecoming of sorts. Although he was born in Wisconsin, the former second-round pick attended high school in Detroit, and played his college ball at the University of Detroit Mercy. Since entering the NBA in 2013, McCallum has spent time with the Kings, Spurs, and Grizzlies.

Last season, McCallum appeared in 31 games for the Spurs before being waived and joining the Grizzlies for 10 games down the stretch. The 25-year-old rarely saw any action in San Antonio, but averaged 21.9 minutes per game in his 10 contests with Memphis, which would have been a career high. In those games, McCallum averaged 6.9 PPG and 2.7 APG, and shot 38.5% on three-pointers.

The Pistons, who used their cap room this month and then went over the cap to lock up Andre Drummond, still have their $2.9MM room exception available. However, McCallum will be signed using the minimum salary exception.

Hawks Sign Matt Costello

July 26th, 2016 at 10:02am CST by ChrisCrouse

JULY 26: The Hawks have issued a press release formally confirming their deal with Costello.

JULY 18: According to Eric Pincus of Basketball Insiders (Twitter link), Costello got a two-year, minimum-salary deal from the Hawks. The pact includes a $50K guarantee in year one.

JUNE 24: The Hawks have agreed to a deal with Matt Costello, Chris Vivlamore of The Atlanta Journal-Constitution reports. The big man will play on Atlanta’s Summer League team.

Costello averaged 10.7 points and 8.2 rebounds during his senior season at Michigan State. The Michigan native ranked 72nd among all seniors, according to Jonathan Givony of Draft Express.

Costello wasn’t expected to be drafted on Thursday night and he probably faces long odds of making the Hawks’ regular season roster. Entering the day, Atlanta had 12 players under contract, as the team’s depth chart at Roster Resource shows.