Per the Memphis Commercial Appeal…

Free-agent guard Allen Iverson informed the Grizzlies this morning that he will accept a one-year offer to bring his explosive scoring to FedExForum this season, according to an NBA source.

Iverson’s decision came following a Monday night meeting in Atlanta with Griz owner Michael Heisley, general manager Chris Wallace and head coach Lionel Hollins. Iverson, a 34-year-old, 13-year veteran, will play for a contract that pays $3.5 million (what the Griz have left under the salary cap) and the deal will be loaded with incentives.

Iverson confirmed his decision on Twitter.

Iverson will join MIke Conley and O.J. Mayo in the Grizzlies’ backcourt. Coming off the bench hasn’t worked for AI in the past, so I’d expect a deal was made that would have Iverson start, likely alongside Mayo.

AI is a veteran with a unique skill set, so the fact that he landed with the Grizzlies instead of joining a contender is a testament to the current state of the economy and his unwillingness to accept a lesser role to play for a winner.

Yes, according to his Twitter feed.

My people just informed me that we are getting close to a deal. I asked them to call me the when its done. I am so ready to know!

I have not been this eager with anticipation since the night before the NBA Draft in 96. Then I knew where I was going, now I want to know!

It sounds like even he doesn’t know where he’s going. Why are his people keeping him in the dark? So that he won’t spill the beans on Twitter?

Chris Sheridan outlines the five teams that are likely in the mix for AI’s services: Miami, New York, Charlotte, LA Clippers and Memphis.

He thinks the Heat are the frontrunner.

Lakers only offering Odom a three-year deal?

Reports persist that Odom has been offered deals spanning three and four seasons in length from the Lakers, but that differs sharply from every bankable indication we’ve received.

The Lakers’ best offer to Odom, so far, tops out at $27 million over three seasons. The expectation among rival teams remains that the sides will eventually come to terms.

This makes more sense. I don’t know why Odom would turn down a four-year deal from the Lakers worth $36 million to consider a five-year deal worth $34 million from the Heat. If the Lakers are only offering three years, then the total value of the contract is about $24 million after state taxes, so Odom could elect to go with the security of the extra $10 million in the Miami deal.

This, coupled with the Lakers’ decision to pull their offer from the table, might convince Odom to head to Miami and play for the mid-level. Pat Riley also indicated that the Heat are trying to work out a sign-and-trade for Odom, though it’s not clear what players would have to be involved to get the Lakers to agree to take on the extra salary. Udonis Haslem? Michael Beasley?

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- The Clippers are interested in signing Allen Iverson, and if he’s interested in a big market where he can rehab his image, this might be the place. It looks like Miami isn’t willing to offer much money, but if cash is more important than playoff potential, then the Clips are a good fit.

- According to GM Mitch Kupchak, Lamar Odom and the Lakers aren’t on the same page. The team has offered $8 million per season but Odom wants $10 million, and the contract’s length may be an issue too. Dallas, Miami, Phoenix and Portland (if the Jazz match their offer for Paul Millsap) have emerged as possible landing spots for Odom. He doesn’t have much leverage if the Blazers aren’t interested. The other three teams would have to work out a trade and it would take a good player (Josh Howard, Michael Beasley, etc.) to get the Lakers to bite.

- The Jazz have until February to move Carlos Boozer before the luxury tax implications of keeping both Boozer and Paul Millsap kick in. Right now, it looks like the Jazz are planning to match, even if they have to take out a loan to pay Millsap the huge signing bonus that is a part of his deal with the Blazers. If the Jazz do match, it will be interesting to see if the Blazers have a Plan C after missing out on Hedo Turkoglu and Millsap.

- After a brief flirtation with the Bucks and the Bobcats, Josh Childress is heading back to Greece. The Hawks still hold his rights, and his camp was unable to work out a sign-and-trade with Milwaukee or Charlotte, so Childress’s best option was to play for Olympiakos for another season.

- Brandon Roy wants a fifth year option, but the Blazers have only offered four years. It’s not clear what the Blazers are worried about; I’d want to lock him up for as long as possible.

Allen Iverson continues to explore his options on the free agent market, but it’s not like he has teams tripping over each other for his services. There’s mutual interest between AI and the Heat, but Miami doesn’t want to pony up.

Allen Iverson asked for the $5.8 million midlevel exception from the Heat in a one-year deal, but Miami has been reluctant to pay him much more than $2 million, if that. Iverson also is exploring Memphis and Charlotte, but Miami would be his preference if money is equal. The Heat spoke with the agent for Andre Miller — who’s in a stalemate with Philadelphia — but hasn’t pursued a sign-and-trade, and Miller wants more than the midlevel.

Memphis is also interested and Grizzlies owner Michael Heisley speculated about why the Heat aren’t willing to offer Iverson a mid-level deal.

Heisley indicated Sunday that Iverson is “only looking for a one-year contract,” which actually would mesh with Miami’s intent to add no players with contracts stretching past next season to preserve maximum flexibility to re-sign Wade and land him at least one marquee teammate in the summer of 2010. Yet it’s believed that the Heat are reluctant to come close to the $5 million for next season that the Grizzlies are reportedly prepared to pay, since Miami is already in luxury-tax territory.

The Heat are sitting at about $69.86 million which is a hair below the threshold of $69.92 million. If they sign Iverson, they’ll go into luxury tax territory and will have to essentially pay a dollar-for-dollar tax on AI’s entire salary. Not only would they miss out on the reward for being under the luxury tax, but they’d have to pay the tax themselves. Therefore, a contract worth $2 million could perhaps cost the Heat $5.5 million (or more), depending on how many teams are over the threshold and how big the payout turns out to be.

It’s strange to see a player of Iverson’s stature fighting for table scraps on the free agent market. He was once a franchise player, but his disastrous stint in Detroit (resulting from his distaste for coming off the bench) and his ball-dominant style has created an environment in which most teams are extremely leery of utilizing his services. True contenders don’t want to participate in an experiment that has a good chance of backfiring while the lower echelon playoff teams don’t see Iverson as the game-changer needed to put them over the top.

He has proven that he is not willing to what’s best for the team (by coming off the bench), so why would a good team want to add him? The Heat are interested because he’ll put butts in the seats and would probably add a few wins, which might help to convince Dwyane Wade to stay in Miami.

Once the draft is over, the next step of the NBA offseason is the free agency period. Negotiations start July 1, but players have to wait until July 8 to actually sign on the dotted line. Due to the economy, this promises to be an interesting summer, as more franchises seem to be trying to cut payroll than add talent. There are eight teams with significant cap space this summer, and there’s no guarantee that they’ll be willing to use it. Teams that are over the cap can add good players in two ways: 1) they can sign a player to the Mid-Level Exception (MLE), which will be around $5.8 million per season (and can be split up between two or more players), or 2) they can work out a sign-and-trade with the player’s old team.

Below is a list of the top unrestricted free agents this summer. These are players who can sign with whomever they like. They’re ranked in order of total value, which is based on overall talent, age, injury history and cost.

For each player, I’ll provide his position, age, Player Efficiency Rating (PER) and an estimate of what kind of contract he’s likely to sign.

1. Carlos Boozer, PF (27 years-old)
PER: 17.28
At press time, Boozer hasn’t officially opted out, but he is expected to. He can play another year for $12.3 million, but he thinks he’s due for a raise, and I don’t think he’s going to get the kind of raise he’s expecting. Boozer is one of the top 20 players in the league when healthy, but it’s that whole “when healthy” part that’s the problem. Over the past five seasons, he has missed a third of his team’s games. At 27, he’s in his prime, and assuming he has the right supporting cast, I think he can be one of a twosome or threesome on a championship-caliber team. Boozer may not get a raise this summer, but he could get long-term security. The Pistons, Raptors, Kings and Thunder all have the space to make a run at him, but Sacramento and OKC might consider themselves too far away from contending to add a big piece like Boozer. The Pistons seem like the best fit, but they are rumored to have more interest in Ben Gordon. There’s always the possibility that another team works out a sign-and-trade with Utah, but I don’t think anyone is going to give him a max deal, not in this economy.
Value: $12.0 – $13.0 million per year

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The NBA free agency period starts July 1st, and as that date approaches I’ll preview this year’s free agent class in more detail. But for now, I’d like to take a look at which teams have the cap flexibility to be major players in free agency this summer. (Mind you, just because a team has cap space, it doesn’t necessarily mean that they’ll use it. Just sayin’.)

Not familiar with the NBA salary cap? Here’s a quick primer…

1. The cap for the 2008-09 season was $58.7 million. The general consensus is that the cap will stay flat or decrease slightly. We’ll assume it sticks at $58.7 million.

2. If a team is over the cap, the only free agents they can sign are their own, unless they elect to sign a player to the mid-level exception (~$5.8 million per season), the bi-annual exception (~$2.0) or to a minimum contract. (The bi-annual exception may not be used in two consecutive years.)

3. If a team is under the cap, they can sign any free agent they want as long as they do not exceed the cap. They can also take on salary via trade up to the cap, so a team like the Grizzlies (with almost $20 million in cap space) could conceivably trade their first round pick to the Suns for Amare Stoudemire or to the Raptors for Chris Bosh.

Here’s a list of the bigger names in the free agent pool this summer:

Unrestricted: Carlos Boozer, Ben Gordon, Ron Artest, Lamar Odom, Andre Miller, Shawn Marion, Jason Kidd, Hedo Turkoglu, Allen Iverson, Mehmet Okur, Rasheed Wallace, Mike Bibby, Anderson Varejao, Grant Hill, Kyle Korver, Trevor Ariza, Brandon Bass, Chris Andersen, Zaza Pachulia, Chris Wilcox and Drew Gooden

Restricted: David Lee, Paul Millsap, Ray Felton, Josh Childress*, Marvin Williams, Glen Davis, Ramon Sessions, Charlie Villanueva, Nate Robinson, Leon Powe, Hakim Warrick, Linas Kleiza, Jarrett Jack and Shannon Brown

* It appears that if Childress does return to the NBA, the Hawks still hold his rights, so he would be a restricted free agent.

There are eight teams that project to have more than $5.8 million (the value of the mid-level exception) in cap space this summer:

Memphis Grizzlies
Projected Cap Space: $19.7 million
Memphis has been reluctant to spend for several years now and is probably one of the franchises that’s struggling the most in the current economy. I lived in Memphis for three years, and given its small size and overall lack of wealth, I always thought that it would struggle to support a professional sports team. With a core of Rudy Gay, O.J. Mayo and Marc Gasol, the Grizzlies have to feel pretty good about what they have at off guard, small forward and center. The big decision this summer is what to do with restricted free agent Hakim Warrick. When dealing with bad teams, numbers can be deceptive, because no matter what, somebody has to score and rebound, right? Warrick’s PER (16.91) is #24 amongst power forwards, so ideally he’d be coming off the bench for a playoff team. The Grizzlies projected cap space assumes they make the qualifying offer to Warrick ($3.0 million). Memphis is one of those teams that could really use the services of a Carlos Boozer, David Lee or Paul Millsap, but in this economy, are the Grizzlies willing to make that kind of a commitment? They could try to make a run at Chris Bosh or Amare Stoudemire next summer, but the odds are long that either guy would want to play for the Grizzlies.

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One GM predicted that the summer of 2009 would be a “nuclear winter” of sorts for NBA free agents, and that players are going to have to dial down their expectations. Since virtually every team in the league is in cost-cutting mode, there will be bargains to be had.

- David Lee is a restricted free agent, which usually means he’d play at least another year with the Knicks, but given the current state of the NBA, there’s a good chance that the Knicks wouldn’t match a substantial offer. Sources of the NY Post say that GM Donnie Walsh would be reluctant to match an offer that averaged out to $10 million per season. At any other time, I’d say he’s worth that kind of money, but not right now.

- The NY Times says to expect that the Spurs will make a run at Rasheed Wallace, assuming he’s wiling to play for the mid-level exception. The News-Herald says that the Cavs are another possibility. He definitely makes sense for the Spurs, given his ability to space the court. San Antonio has been looking for a big man to play alongside Tim Duncan ever since David Robinson retired. Apparently, ‘Sheed asked for a buyout this season, but was denied.

- It was long thought that Tayshaun Prince was untouchable as Joe Dumars gives the Pistons roster a makeover, but not so says the Detroit News. If the right deal comes along and Prince has to go to make way for an impact forward, then so be it. Pro Basketball News says that the Hornets may try to take advantage of the Pistons’ housecleaning and target Prince and/or Rip Hamilton. I’d be very reluctant to part ways with Prince, who is a very good all around player and one of the best perimeter defenders in the league.

- Former Sixers GM Billy King doesn’t know whether or not Allen Iverson has it in him to “fit in” instead of having to be “the Guy.” The consensus seems to be that Iverson is no longer good enough to be the #1 offensive option on a championship contender, so King says he has to ratchet down his shots and try to lead a team with his experience and grit.