At midnight, NBA teams will be able to offer contract extensions to NBA players. This could potentially be the most important part of the offseason for many NBA teams. Even though this will have little to no effect on the 2009-2010 season, it could however impact the 2010 offseason.
The 2010 offseason has been referred to by many as “The Summer of Lebron”, simply because the contract of Lebron James is set to expire July 1st, 2010. But King James is not the only star player who’s contract will be set to expire in 2010. Next years group of free agents is said to be the best group in the history of the NBA. With that being said the Cavs, along with many other teams, will be looking sign players to contract extensions and avoid “The Summer of Lebron” all together.
Next years potential free agents include Lebron James, Dwayne Wade, and Chris Bosh. Although none of the players are expected to sign, players and agents will look over teams offers and evaluate from there on.
Many teams took this offseason to free up cap space in hopes of signing a marquee player in 2010. However, that was before the NBA met my friend, reality. Due to the economic nightmare that the United States is currently experiencing, the NBA warned teams that next years salary cap of $63 Million could potentially be reduced by $10 Million.
This really doesn’t effect next years free agents, especially if they are to resign with their current team. However, the likeliness of James, Wade, or Bosh joining the same team would be quite unlikely. The potential decline in next years cap will prevent a team from being able to sign two maximum salary players (sorry New York).
James, Wade, and Bosh can only receive three year extensions, plus the two years that still remain on their contracts. Meaning that the trio could earn somewhere around $95 Million through 2013-2014.
But if they were to opt out of their deals next summer and resign with their current teams, players could sign anywhere up to a six year contract and be expected to make $125 Million through 2016. However signing with a different team only permits a maximum of 5 year contract and a top value of $96.5 Million.
Bottom line: don’t be stupid, resign but not now.