Sports
NBA Free Agency 2023: Players Reach $2.8B Worth of Deals on Day 1 – Sportico
By Kurt Badenhausen
Sports Valuations Reporter
NBA teams handed out new contracts to 73 players in the first 24 hours of free agency with a total value of $2.8 billion, according to Spotrac’s offseason tracker.
Seven free agents signed deals worth at least $100 million, including eight-time All-Star Kyrie Irving ($126 million, three years); 2017 Defensive Player of the Year Draymond Green ($100 million, four years); and three-time All-Star Khris Middleton ($102 million, three years). The three all re-upped with their current teams: Dallas, Golden State and Milwaukee.
Jerami Grant ($160 million, five years) reached the biggest agreement by total value, which will keep him in Portland, while Fred VanVleet ($128.5 million, three years) had the top deal by average value as he packs his bags for Houston after seven years in Toronto.
The new money included seven players agreeing to contract extensions with their current teams worth $834 million, highlighted by matching five-year deals worth a projected $206 million for Tyrese Haliburton in Indiana, LaMelo Ball in Charlotte and Desmond Bane in Memphis. All three players got “max” deals from their teams that will start in 2024 with the final value decided by the 2024-25 salary cap. The contracts are all guaranteed.
There will be many more signings for free agents, draft picks and contract extensions during the next few months. Last year’s final tally of new contracts was $5.1 billion, per Spotrac.
NBA free agency tipped off at 6:00 p.m. on Friday. The CBA says that teams can begin negotiating with players at that time, but the reality is that talks between teams and agents happen well before this start time. None of these agreements are signed or binding. July 1 is the start of the NBA’s “moratorium period” where teams can negotiate with players but cannot sign or trade any of them. Players can officially sign starting 12:01 p.m. ET on July 6.
Remaining unrestricted free agents include Russell Westbrook and Eric Gordon, while NBA Twitter continues to debate potential trade destinations for James Harden and Damian Lillard, who have a combined 14 All-NBA selections.
Earlier on Friday, the NBA announced the 2023-24 salary cap would be $136 million with a tax level of $165 million. The new CBA has increased roster-building restrictions for teams that blow by the tax threshold, like the Warriors and Clippers this season. The first “apron” level is $172 million, and the second apron is $183 million.
The NBA does not have MLB’s problem of teams with rock bottom payrolls. Like the NFL and NHL, there is a minimum team payroll, which is 90% of the salary cap or $122 million next season.
(This story was updated throughout to reflect the number of deals, total dollars and details of individual player contracts.)
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