*** FREE AGENCY COVERAGE JULY 2 ON NBA TV: Free Agent Fever: 2 p.m. to 4 p.m. ET ***
Spending spree marks first day of free agency | Report: Lakers fail to impress Aldridge; Blazers hoping for Aldridge-Monroe combo | Report: Three guards on Kings’ wish list | Clippers hoping Pierce deal leads Jordan to return | West reveals why he’s leaving Indiana
NEWS OF THE MORNING
No. 1: Recapping a busy Day 1 of free agency — The chatter during yesterday’s free-agent period opened, essentially, with Damian Lillard and the Trail Blazers talking about a long-term extension. By the time 1 a.m. or so rolled around today, it’s hard to keep tabs on just how many actual free agents agreed to deals. From the big names (Kevin Love, Paul Pierce, Paul Millsap) to the mid-range ones (DeMarre Carroll, Danny Green, Tristan Thompson) to smaller ones (Kyle Singler, Brandan Wright), moves were happening constantly. Our Steve Aschburner tries to make sense of what was a crazy busy day:
“Unfinished business” was the term Kevin Love used, more or less kicking off the first day of NBA free agency Wednesday with his announcement, via The Players’ Tribune, that he would be sticking with Cleveland Cavaliers in pursuit of LeBron James-led championships.
“Irrational exuberance,” though, was the label that came to mind as the shopping and the bidding and the spending (pledges of it, anyway, when deals actually can be consummated July 9) spiraled ever higher. That phrase was former Federal Reserve Board chairman Alan Greenspan‘s, used to characterize the overheated stock market during the dot.com bubble of the 1990s.
From Love and Cleveland teammates Tristan Thompson and Iman Shumpert to San Antonio’s Kawhi Leonard and Danny Green, from young franchise cornerstones such as Anthony Davis and Damian Lillard to DeMarre Carroll becoming Toronto’s highest paid player, the frenzy to find, pitch and lock up players at heretofore staggering amounts of money was more than even some players could grasp.
With so much of the NBA’s business focused on the summer of 2016 – when the revenue from broadcast rights increases geometrically, taking the salary cap from about $69 million to an estimated $90 million – owners and general managers dug deep to cut deals at 2015 prices. Or, more accurately, at 2015’s percentage of payroll.
Look at it this way: an $11 million player by 2016-17, for example, will eat up the same amount of cap space as a $7.7 player this past season ($63 million cap). That could turn a number of Wednesday’s personal lottery payoffs into something if not reasonable by an average Joe’s or Jill’s standards, at least into something manageable.
One of the surprises of the day, then, was that so many players were willing to lock in rather than hold off or “gimmick-contract” their way to another bite at the platinum apple in a year or two. Love, perhaps thinking of his own troubling history of injuries, went “all in” with the Cavaliers, grabbing a deal that will still be in effect when James turns 35. Davis dried up the premature drooling in Chicago and probably 28 other markets by teams and fans hoping to pry him loose from New Orleans sooner than 2021.
Here was another surprise: Of the top 15 or so players who agreed to terms Wednesday, 10 or more (depending on your rankings) chose to stay put, re-signing with their current teams. Of those who will be playing elsewhere come autumn, Tyson Chandler‘s four-year, $52 million deal with Phoenix and Carroll’s four-year, $60 million package with the Raptors probably rate as the biggest moves.