The much ballyhooed opener between the Cavs and the Celtics ended in disappointment for Cleveland, as Boston grinded out narrow win, beating the Cavs, 95-89.

LeBron had a great game — it’s sad when we don’t think twice about a 38-point, 8-assist, 4-rebound, 4-block, 2- steal effort — but he once again didn’t get what he needed from his supporting cast.

Shaquille O’Neal was serviceable, posting 10 points and 10 rebounds in 29 minutes, but he missed a pair of crucial free throws in the fourth quarter when the Cavs were trying to mount a comeback. Anthony Parker, starting in place of the still-missing Delonte West, scored 10 points (on 3-9 shooting), but had a bad sequence in crunch time. In the last three minutes, he missed an open jumper, retreated too early on defense after LeBron shot a long three (missing an opportunity for an easy offensive rebound) and let a James pass sail through his hands and out of bounds. Parker is a good player, but he didn’t show it down the stretch.

As for the Celtics, Doc Rivers was hoping to limit Kevin Garnett to 30 minutes, but he kept him in the game in the fourth quarter when he saw an opportunity to beat the Cavs on their home floor. KG finished with 13/10 (in 33 minutes) and hit a difficult bank shot over O’Neal in the fourth quarter.

Rasheed Wallace came off the bench to score 12 points in 24 minutes. He was in the game in crunch time, essentially splitting time with Kendrick Perkins at center. Paul Pierce led the way for the C’s with 23 points and 11 rebounds.

He had a great run in Detroit, but it looks like Rasheed Wallace is leaving. Chris Mannix of Sports Illustrated has the scoop:

Free agent forward Rasheed Wallace has agreed to sign with the Boston Celtics, Wallace’s agent, Bill Strickland, told SI.com on Sunday. Wallace, who chose the Celtics over San Antonio and Orlando, is believed to have agreed to a two-year deal for Boston’s mid-level exception.

A 14-year NBA veteran, Wallace averaged 12.0 points and 7.4 rebounds with the Detroit Pistons last season.

Well, I didn’t liked Rasheed until he was traded to Detroit during my years at Western Michigan University. Needless to say, I swiftly became a fan as I watched the Pistons rise to the top of the league for the first time since the days of Isaiah Thomas and company. He’s been a polarizing player in the NBA, strongly disliked by many and just as strongly adored by the remainder. Whether or not people like him, he’s quite a character and always entertaining in one way or another.

After the Pistons’ early exit from the playoffs this year, and of course foreshadowed by the Chauncey Billups trade, it’s easy to see the need for a restructuring in Detroit. They need a new core to their team. With Rasheed out, I wonder if Rip Hamilton or Tayshaun Prince will be next…

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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- SLAM ONLINE has sources that are saying that the Cavs and Rasheed Wallace are working on a two-year deal worth $20 million. The interest was prompted by the fact that Dwight Howard pretty much had his way in the paint against the Cavs in the Eastern Conference Finals. Wallace will be 35 this September, and has averaged about 12 points and seven boards over the last three seasons. He has the ability to spread the court with his shooting ability and has a reputation for doing a good job defensively on Howard, though the Orlando big man averaged 22 points and 15 rebounds in three games against the Pistons this season. If the Cavs do indeed sign Wallace that kind of a contract, it would trim the team’s projected 2010 cap space from $38 million to $28 million. Also, since the Cavs are over the cap, to make this deal happen, they would have to swing a sign-and-trade with Detroit (for Anderson Varejao?). If the deal falls through, SLAM says that the Cavs may move on to Zach Randolph. Wait…whaaa? 6/11 Update: The Cleveland Plain Dealer says that the Wallace rumors are untrue (and would be illegal if they were true).

- DESERET NEWS says that Carlos Boozer isn’t sure that he’s going to opt-out of the final year of his contract (that will pay him $12.7 million) by the end of the month. This contradicts everything he’s been saying up until this point. Maybe Boozer isn’t finding that the market for his services is as strong as he thought it was. It might behoove him to play out his contract, stay healthy (this is key) and join the free agent class of 2010. But by going that route, he will lose the security of a long-term deal. Devin Harris says that Boozer is welcome in New Jersey.

- The RENO GAZETTE-JOURNAL reports that Ramon Sessions‘ first choice is to stay with the Bucks, but he understands that the club is up against the luxury tax so things are a little dicey. I think the Bucks will wait to see what kind of offer sheet he gets from another team and then decide whether or not they’ll match, though it would be wise to start negotiations now.

- The NEW YORK POST is reporting that the Knicks are eyeing Magic center Marcin Gortat for their mid-level exception. The Knicks are on the hook for about $24 million in payroll heading into the 2010-11 season, which means that they currently project to have roughly $34 million in cap space. If the Knicks use their mid-level this season, it will trim that space by about $6 million.

- Contrary to earlier reports, if his agent has any say, it’s going to be tough for Ben Wallace to retire, according to the NEWS-HERALD. It would be the best thing for the Cavs, but Arn Tellem isn’t going to let him walk away from $14 million.

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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- SLAM says that Rasheed Wallace will retire if he doesn’t get at least $8 million to play next season. By my count, there are seven teams — Memphis, Atlanta, Oklahoma City, Sacramento, Toronto, Portland and Minnesota — other than the Pistons that could give him that kind of money. Who would be interested in ‘Sheed? I’m guessing only teams that are on the verge of competing for a title and have a need for a big man with championship experience. The only “contenders” on that list are Atlanta and Portland, and neither seems to be a good fit. Portland already has a slender sharp-shooting big man in LaMarcus Aldridge, and the Hawks will likely spend their cap space on re-signing Mike Bibby (though that isn’t necessarily the right thing to do). So if Portland and Atlanta pass on Wallace, someone will offer him a mid-level deal (~$5.8 M) and he’ll have to decide if it’s worth it. Any team in the league can sign him for that, so if he lowers his price, demand will rise.

- Dwyane Wade reiterated that he will consider signing an extension once he’s eligible to on July 1st, but that he hasn’t given the idea much thought. The Heat would have a ton of cap space this summer had they held onto Shawn Marion and his expiring contract, but they instead traded for Jermaine O’Neal whom they thought would help their chances in the playoffs over the next two seasons. In the end, I doubt D-Wade will leave Miami. He’s a star there, the weather is great, and with Michael Beasley and a yet to be named big man (Chris Bosh, Amare Stoudemire) to be signed in the summer of 2010, the Heat have a good foundation for success. To me, the big question is whether or not Beasley can play small forward. If so, then the team should try to put together a starting lineup of Mario Chalmers, Wade, Beasley, Udonis Haslem and either Bosh or Amare.

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With the Mavericks’ 106-93 Game 5 win in San Antonio, it is the first time that Tim Duncan has lost a first round series. Tony Parker shot 55% from the field, and averaged 28.6 points, 6.8 assists and 4.2 rebounds per game. Battling sore knees, Duncan still shot 53% from the field, averaging 19.8 points and 8.0 rebounds. Normally, those kinds of numbers from the Spurs’ top two players would result in a series win. What happened?

1. No supporting cast.
Manu Ginobili was out. Duh. But the rest of the Spurs failed to step up in his absence. Parker and Duncan combined to shoot 100 of 185 (54%) in the series, which means everyone not named Tim or Tony combined to make just 75 of their 198 attempts (38%). Roger Mason shot 42% from long range during the season, but made just 37% in the series. The midseason addition of Drew Gooden was a bust; he averaged just 7.3 points and 3.8 rebounds, and shot 33% from the field. Without Ginobili, there wasn’t a third scorer to take the pressure off of Parker and Duncan.

2. Mediocre defense.
The Mavs averaged 96.4 points per game, shot better than 46% from the field and better than 38% from long range during the series. Now those numbers are by no means eye-popping, but they are very un-Spurs-like. San Antonio just couldn’t get the consistent stops it needed to make up for its overall lack of scoring. Josh Howard and Dirk Nowitzki were both stellar, while J.J. Barea and Brandon Bass played great off the bench when Dallas needed it.

The Spurs head into the summer with zero cap space, but with the fiscal state of the league, they’ll have a good opportunity to add a quality player at the mid-level exception, assuming they want to spend the money. My guess is that they will, given that Tim Duncan’s championship window continues to get smaller and smaller. The team is fine in the backcourt, with Parker, Ginobili, Mason and George Hill. They need help on the wing and in the frontcourt, so the priority will likely be a big man. Rasheed Wallace’s name has been floated, but Zaza Pachulia, Anderson Varejao, Brandon Bass, Chris Andersen and Antonio McDyess are cheaper options.

With the trade deadline in the rear view mirror and players tied to their current teams at least until the summer, it’s a good time to take a look ahead at the free agent class of 2009. Given the state of the economy and how so many teams are saving up for the class of 2010, some are suggesting that this summer’s free agency could be a “nuclear winter” of sorts, no pun intended. The salary cap and luxury tax thresholds are likely to decline for the first time in years and that has GMs and owners around the league scrambling to cut salary where they can.

There are three types of free agents: players with early termination options (ETO) or player options (PO), restricted free agents and unrestricted free agents.

Players with ETOs or POs

This group includes Kobe Bryant, Jermaine O’Neal, Al Harrington, Jamal Crawford and Mehmet Okur, but it’s highly unlikely that any of these guys will hit the open market given the kind of money they’ll be making by extending their respective contracts. Of this group, Hedo Turkoglu, Anderson Varejao and maybe Carlos Boozer are the only big names that are likely to hit free agency. Boozer has already stated that he’s going to opt out, but he may decide against it if he doesn’t come back strong from his injuries. Turkoglu — the reigning Most Improved Player — is having another nice season, but he’s not playing quite as well as last year. Still, he can command more than the $7.3 million he’s due to make next season. Varejao could stay with the Cavs and make $6.2 million next season, but he and his agent (Dan Fegan) have been looking for more. Varejao wants a long term deal but it seems he and the Cavs disagree on how much he’s actually worth.

For the most part, guys in this group are going to be conservative and play out their contracts.

The trade deadline is Thursday, and trade talk is really heating up. Marc Stein gives us the latest.

Two rival executives we spoke with Sunday night immediately wondered whether the Suns’ decision to replace Terry Porter with Alvin Gentry would convince Phoenix to “tap the brakes,” as one put it, on its Stoudemire talks. If the Suns are going to try to recapture a semblance of what they had under Mike D’Antoni, with the only holdover from D’Antoni’s staff taking over, you can understand why Gentry would prefer to have Stoudemire for the rest of the season to help the cause.

Stoudemire is still under contract for another season, so it wouldn’t hurt the Suns if they wanted to see what Gentry could do with this group before moving their star player over the summer. I’d say that the Porter firing makes it more likely that Stoudemire stays put, though I’d still put the chances at better than 50/50 that Amare is moved before the trade deadline.

Marc Stein wrote a nice piece discussing some of the bigger NBA trade rumors out there right now.

1. Can we really expect an Amare Stoudemire trade in the next two weeks?

Sources say it’ll happen in-season only if the Suns can find a deal that delivers a mixture of top young talent and payroll relief. Which won’t be easy.

2. A deal for Toronto’s Jermaine O’Neal remains readily available to the Miami Heat. The Sacramento Kings likewise would still love to send Brad Miller to Miami for Shawn Marion as long as they don’t have to take back Marcus Banks, too.

3. I’ve heard multiple rumblings in the past month that Washington has made rugged forward Caron Butler available. But our research disputes that.

4. Portland is naturally making calls to see what it can fetch with its LaFrentz chip, but it appears that there’s a much better chance that Kings swingman John Salmons will wind up with the Blazers — who have inquired about Salmons — than that Chicago’s Luol Deng will.

5. San Antonio’s desire to acquire one more big man (preferably a floor-stretching big man) to counter the Lakers and Boston is no secret.

Random thoughts…

I still can’t believe that the Suns are actually considering trading a former 1st Team All-NBA player in the middle of his prime, but apparently they are…Jermaine O’Neal torched the Lakers two nights ago and looked great doing so. If he joined the Heat, that would become a very interesting team to watch. The key is his staying healthy, however…The Wizards would be nuts to trade Butler away. He’s their best player and the cheapest of their big three…I don’t think I’d go after Salmons if I’m the Blazers unless they’re planning to start him. He doesn’t play well off the bench and given the team’s glut of wings, I don’t know that he’d be the best option in the starting lineup…I’d love to see what Rasheed Wallace could do in a Spurs uniform, but San Antonio doesn’t have any expiring contracts and the numbers just don’t work.