No Big Surprises On Draft Extensions
The big news yesterday wasn’t a new extension for a 2014 first round draft pick, it was the news that the San Antonio Spurs reached a three-year, $72 million extension with veteran LaMarcus Aldridge.
The news was surprising for a couple of reasons. The biggest being the Spurs had shopped Aldridge in trade scenarios this offseason under the idea that he was a problematic fit for the Spurs.
Ultimately, Aldridge and the Spurs ended up in the same place on his deal. The Spurs were not going to be big free agent players and locking Aldridge in now gives them some security as well as trade leverage later. In Aldridge’s case, his camp saw the marketplace this past summer and all of the mouths that need to be fed in July and realized he wasn’t likely getting more money on the open market come free agency.
One of the things the Spurs found out was that trading a player with a player option is not an easy task as teams that would give up value want to know what comes next, either way. Over the past few years, player options have become almost toxic in trade, mainly because there are two classes of trade partners, one that wants the ending contract and a player for a stretch run in the postseason and teams that want the player for next season. The options make valuing the player sticky at best.
In doing a deal for Aldridge, the Spurs basically lock him into their roster for this season but give themselves a trade chip next summer, if they need it. This was smart for both sides. The Spurs locked in the player and the trade asset, Aldridge locked in money he likely wouldn’t have gotten in the open market.
For those players drafted in the first round of the 2014 NBA Draft, yesterday closed the window on the “Early Extension Period.” While there were talks all the way to the wire on several players, the bulk of the deals that didn’t get done didn’t get close enough to seal the deal.
The Boston Celtics and Marcus Smart frequently talked about an extension, and his camp labeled the talks as getting “close” but ultimately, future luxury tax concerns killed a possible deal before the extension deadline, meaning Smart will hit free agency in July.
The Celtics will have a couple of months to see if Smart continues to evolve before they have to make decisions, and they now know what a deal would take for Smart to sign outright. Given the Celtics tax concerns, there is a window for a team with cap space to poach him in July if they come with the right kind of offer sheet. While the Celtics can obtain the right to match Smart with a $6.53 million qualifying offer, the tax issues won’t go away without a cap dump of a trade. Equally, the Celtics roster is loaded with point guards, so the C’s have the luxury of seeing what unfolds in the next three months before the February 8 trade deadline.
The Orlando Magic and their pair of 2014 draftees, Aaron Gordon and Elfird Payton, talked about extensions, mostly out of courtesy. The Magic would have done deals if it favored the team, but the new front office in Orlando has been open and honest that they are still very much in evaluation mode on the roster and were not going to pay a premium at this point.
The Magic’s reluctance to do a deal wasn’t about valuing either player as both are said to have been very good so far, this preseason. The Magic don’t have a clear-cut direction yet and inking a long-term deal with either would have been counter to their goal of flexibility. Equally, the Magic also know that both players are unlikely to get huge free agent offers unless they blossom this season, which would make matching an easier decision after seeing how they play this season.
Neither player entered the process expecting to reach a deal, so there is no ill-will about not getting an extension. Both players have said publicly and privately they knew they had to earn their next deal and came into camp with that mindset.
The Utah Jazz and guard Rodney Hood engaged on an extension most of the summer. The Jazz are very committed to Hood, but would not commit to a deal at this point for a bunch of reasons, the biggest being they don’t really know what the team is yet. Hood is going to get a big opportunity this year, and the Jazz want to see if he can handle the increased load and stay healthy. Injuries have ravaged the Jazz lately, and they were reluctant to lock in a big number to a player that hasn’t been durable.
Of the bunch, Hood is the most likely to get a deal without the restricted free agent offer sheet process next summer—the Jazz may simply pony up and pay him if he can fill the void they hope he can for the team.
The Milwaukee Bucks and injured forward Jabari Parker did talk about an extension despite him having torn his ACL for the second time. The Bucks looked at the idea of locking Parker in at a value, but ultimately, neither side got close enough for it to be realistic. Parker is expected to return to action sometime in February, meaning he may log enough games for a big deal in July to be realistic, especially if the Bucks are as good as they project to be this year and land home court in the postseason.
The big hurdle for all of the players that did not get an extension is that the free agent marketplace in July does not project to be as robust as it was even last year. A number of agents urged their clients to take the security of money on the table this summer, and many players opted to bet on themselves, which always sounds like a great idea until the reality of restricted free agency sets in.
Nerlens Noel and JaMychal Green were both causalities of a shrinking marketplace this past summer. It will be interesting to see if some of the players that got close this week get less in the open market in July.
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