Anderson Varejao Contract Likely Ends Cap Space for Cavs
The Cleveland Cavaliers announced a new contract extension for long time big man Anderson Varejao:
"The Cleveland Cavaliers and Anderson Varejao have signed a multi-year contract extension, Cavaliers General Manager David Griffin announced today from Cleveland Clinic Courts. Per league policy, terms of the contract were not released."
Yahoo Sports also does not have the contract numbers but believes it is 3 years and $30 million:
"Cleveland signed its starting center to a contract extension on Friday. Terms of the deal were not immediately confirmed, but the sides had been discussing a three-year, $30 million contract."
For the Cavs it is important to get one of their centers under contract. The lack of progress for a Tristan Thompson contract likely pushed the Varejao contract. Thompson is still likely to be signed; he is young, has talent and is close with LeBron James.
Yet the Varejao contract likely kills any chance of the Cavs having cap space in the future, even given the skyrocketing expected cap numbers. Fear the Sword made the following projections for next season’s Salary Cap:
"The current salary cap for the 2014-2015 NBA season is set at $63.1 million, with the luxury tax line set at $76.8 million. The cap is projected to jump to about $66.3 million in 2015-2016, and with this news, explode to near $80 million in 2016-2017."
Given that information here are very basic information about where the Cavs cap space will look like over the next few seasons with general projections for Varejao, Thompson, Kevin Love and later Dion Waiters:
2015
LeBron James – $22 million
Kevin Love – $22 million
Kyrie Irving – $15 million
Anderson Varejao – $10 million
Tristan Thompson – $11 million
Dion Waiters – $5 million
Total – $85 million
In 2015 the Cavs will already be over the Luxury Tax with just these six players. They will have a ton of different decisions to make on players like Shawn Marion, Mike Miller and Matthew Dellavedova. The Cavs also have Brendan Haywood‘s big expiring contract that they could use to acquire a big salaried player. Trading for another $10 to 15 million dollars of contracts would put the Cavs above $100 million with 7 players.
2016
Dion Waiters – $12 million
LeBron James – $22 million
Kevin Love – $22 million
Kyrie Irving – $15 million
Anderson Varejao – $10 million
Tristan Thompson – $11 million
Total – $92 million
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Besides possible draft picks, they currently own their own 2015 plus the possibility of the Memphis Grizzlies pick. Either or both would likely be used, along with the Haywood contract, to bring in that bigger salaried player as well. The Cavs are limited at the shooting guard position and will likely try to lock up Waiters next season, as they are with Thompson this season. Waiters will likely garner more than Thompson, and in an expanding Salary Cap could demand a huge contract.
No matter what the Salary Cap gets to the Cavs just used a huge chunk of it on Varejao. With no other big man of note under contract in the future it was a move they had to make. Even though they felt pressured to make the deal now the Cavs have closed the book on any free agent additions.
Do you think the Varejao contract was worth taking away future cap space?