Category: News (Page 174 of 199)

      Cavs commit to Varejao

      July 9, 2009 /

      It looks like Anderson Varejao is staying in Cleveland.

      Varejao’s contract is worth $42.5 million over the six years, and the final year is only partially guaranteed. Incentives could push the total amount to $50 million.

      Varejao’s agent, Dan Fegan, says that the Cavs turned down a few sign-and-trade offers.

      “I’m excited about it,” Fegan said. “I will tell you several teams made sign-and trade proposals where Anderson could have made $10 million or $11 million a year. Some very good players would have been involved.

      “He wanted to stay in Cleveland. There were also a number of teams with cap space, like Oklahoma City and Portland, who were interested.”

      I estimated Varejao’s value to be somewhere in the $5.5-$6.5 million per year range, so without the incentives, this contract came in a little bit above that. The thing I worry about from the Cavs’ perspective is the fact that it’s going to be tough to play Varejao and Shaquille O’Neal together because neither guy has the ability to hit an open 15-foot jumper. This will allow the defense to sag into the lane which will help to close off LeBron’s drives.

      In addition, the Cavs have a verbal agreement with Anthony Parker (formerly of the Raptors) and have their sights set on Channing Frye.

      The Cavs have also agreed to terms with Toronto free agent Anthony Parker. The final figures of the deal are not set, but he will receive a portion of the $5.8 mid-level exception for either two or three years.

      The Cavs hope to sign Channing Frye with the remainder of their mid-level exception.

      Shaq is clearly a short-term fix, but with the Varejao, Parker and possible Frye signings, and assuming the salary cap falls to somewhere in the $50 million to $53 million range, the Cavs aren’t going to have the cap space necessary next summer to woo a big-name free agent like Chris Bosh or Amare Stoudemire. They may still be able to work out a sign-and-trade, but with roughly $30 million already spoken for heading into 2010, the Cavs won’t have the cap space to make two maximum contract offers.

      Cleveland is clearly treating this as a “must-win” season, but what happens if they flame out in the playoffs again?

      NBA, News, Rumors & Gossip

      Shawn Marion headed to Dallas

      July 9, 2009 /

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      As part of a complicated four-team trade, it looks as if Shawn Marion is about to become a Maverick.

      The deal, according to sources, calls for the Mavericks to acquire Marion and Kris Humphries from Toronto and Greg Buckner from Memphis, with Marion to receive a five-year contract worth an estimated $39 million. Buckner has had two previous stints with the Mavericks but is likely to be released, sources said.

      The Grizzlies will land Jerry Stackhouse from Dallas and a substantial cash payment to buy out Stackhouse’s contract. Only $2 million of Stackhouse’s $7.25 million salary next season is guaranteed, as long as he is waived by Aug. 10.

      The Raptors will receive Devean George and Antoine Wright from the Mavericks, while also preserving their $5.9 million mid-level exception for the coming season by turning their acquisition of Turkoglu — who is getting a five-year deal worth an estimated $53 million — into a sign-and-trade as opposed to an outright signing. Assembling the trade this way could also enable Toronto to re-sign Carlos Delfino, after it appeared that the Raptors would have to renounce Delfino to help make room for the Turkoglu signing.

      The Magic, meanwhile, were motivated to join in the trade because their participation, as opposed to merely letting Turkoglu walk, will create a valuable trade exception they can use in future deals worth around $7 million.

      Mark Cuban is arguably the most polarizing owner in the league, but he isn’t afraid to try to make his team better. Whether it’s an ill-advised Jason Kidd-for-Devin Harris swap, the mid-level signing of Marcin Gortat or working out this sign-and-trade to land Marion, Cuban has always been willing to do what’s necessary to win.

      With these moves, Dallas can start Marion at small forward next to Dirk Nowitzki and shift Josh Howard to shooting guard, with Sixth Man Award winner Jason Terry staying in a bench role. The Mavericks also believe that they will have a strong small-ball unit when they elect not to play Gortat or Erick Dampier, featuring Howard at small forward, Marion at power forward and Nowitzki at center.

      $8 million per year for five years is a lot to pay for a 31-year-old, but Cuban knows that Nowitzki’s window is closing and the Mavericks’ time is now. Dallas now has a formidable starting lineup — Kidd, Howard, Marion, Nowitzki and Gortat — that has features four All-Stars, with Terry, J.J. Barea, Matt Carroll and Dampier coming off the bench. It will be interesting to see if the Mavs are able (or willing) to retain Brandon Bass, who is a free agent this summer.

      NBA, News, Rumors & Gossip

      LeBron James gets dunked on at camp, Nike confiscates tapes

      July 9, 2009 /

      Remember when Michael Jordan got dunked on by a camper in the summer? Yes, the video was grainy, but there it was, His Airness posterized by a high school kid. I forget the guy’s name, but I’m pretty sure he was from the Milwaukee area and that I played against him in the Easter Seals All-Star Game in high school. He had his 15 minutes of fame, and then I never heard about him again.

      What’s my point? Well, LeBron James just got dunked on at his skills camp by Xavier’s Jordan Crawford, and according to Gary Parrish, the tapes were confiscated by a representative from Nike.

      Turns out, there were at least two cameras rolling Monday night when Crawford dunked on James during a pick-up game here at the LeBron James Skills Academy. It was a two-handed jam, the kind that would’ve circulated quickly on YouTube. But Nike officials eliminated that possibility shortly after the dunk happened by allegedly confiscating tapes from various cameramen.

      Worth noting is that there is no policy against filming at the LeBron James Skills Academy, and Miller said he had been filming all day without incident. Nobody ever told him to stop. Nobody ever said there was a problem … until after Crawford dunked on James.

      “LeBron called Lynn over and told him something,” Miller said. “That’s how I knew his name was Lynn. LeBron said, ‘Hey, Lynn. Come here.'”

      Minutes later, Miller said Merritt demanded his tape.

      LeBron shouldn’t be worried about the tape ruining his image. He should be more worried how it looks to confiscate the tape. This is a case where the censorship is worse than the actual incident.

      Until recently, James has always acted wise beyond his years. But this, coupled with his refusal to shake hands after the Eastern Conference Finals, indicates an underlying immaturity. He (or Nike) is so concerned with his image that he (or they) don’t think about the ramifications of confiscating a video that makes him look bad. This only makes him look worse.

      Humor, NBA, News, Rumors & Gossip

      Lenny Dykstra files for bankruptcy

      July 8, 2009 /

      Former New York Mets and Philadelphia Phillies’ baseball star Lenny Dykstra has filed for bankruptcy.

      The 46-year-old has no more than $50,000 of assets and between $10 million and $50 million of liabilities, according to a petition filed Tuesday with the U.S. Bankruptcy Court in the Central District of California.

      Jonathan Hayes, one of Dykstra’s lawyers, had no immediate comment.

      Dykstra’s filing comes in the wake of some 20 lawsuits he faces tied to his activities as a financial entrepreneur, including The Players Club, a glossy magazine he had helped launch, according to published reports.

      The bankruptcy petition shows several banks among Dykstra’s largest unsecured creditors, including units of JPMorgan Chase & Co (JPM.N) and Bank of America Corp (BAC.N).

      Known as “Nails” and “The Dude,” Dykstra played for 12 years with the Mets and the Phillies before retiring in 1996 with a lifetime .285 batting average and 81 home runs.

      It’s amazing how sometimes these former athletes wind up with no money after years of making millions. It doesn’t make any sense, but then again, most of these guys aren’t getting sound financial advice from the get-go so maybe it shouldn’t be that surprising.

      MLB, News

      Raptors give fat extension to Bargnani

      July 8, 2009 /

      When I estimated the extensions that the big names from the class of 2006 could potentially sign this summer, I pegged Andrea Bargnani at $7-$8 million per season. It turns out I underestimated his value to the Raptors.

      The deal, according to NBA front-office sources, would span five seasons starting in 2010-11 and earn Bargnani an estimated $50 million.

      Bargnani did go through something of a transformation in his third season, averaging 15.4 points on 45% shooting from the field and 41% from long range. The previous year, he shot 39% from the field and less than 35% from deep, so he made a big jump, efficiency-wise. His PER (14.66) is still below average, mainly due to his suspect rebounding for a seven-footer (5.3 rpg) and lack of assists (1.2 apg).

      The bottom line is that Bargnani will have to continue his career trajectory to earn the contract that the Raptors just awarded him.

      NBA, News, Rumors & Gossip

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