Category: Rumors & Gossip (Page 205 of 225)

In what is a major blow to the Atlanta Hawks and the NBA, Josh Childress has agreed to terms with Greek powerhouse Olympiakos.

Former Hawks swingman Josh Childress has signed with Olympiakos of Greece, a three-year, fully guaranteed contract worth far more than the $20 million initially believed to be his prize.

Could there be a more stunning turns of events for fans who thought Childress was destined to remain in a Hawks’ uniform for at least the next four or five years?

It’s a groundbreaking move for all sorts of reasons, none of them terribly thrilling for the Hawks and their tattered reputation.

Childress is one of the most productive small forwards in the game, and his departure is a bad sign for the league. First and foremost, the NBA needs his talent.

But on a macro level, it makes the restricted free agency system look outdated and ridiculous. NBA teams are reluctant to sign other team’s restricted free agents because they know the player’s current team is likely to match the offer. They’d rather wait a year and make a run at the player when he becomes an unrestricted free agent. But, in this case, the Hawks can’t match Olympiakos’ offer, so Childress is gone, at least for a season.

Given the new landscape of global basketball (and the seemingly nonstop drop of the U.S. Dollar), the league should do away with restricted free agency altogether.

In what would be a stunning move, Atlanta Hawks forward Josh Childress might be taking his game overseas.

Atlanta Hawks free-agent forward Josh Childress is strongly considering a three-year, $20 million offer from Greek powerhouse Olympiakos, several league sources said Sunday night.

Childress flew to Greece late Sunday and is scheduled to meet with Olympiakos officials on Monday. Childress, 25, is so flustered with the Hawks’ refusal to make a sign-and-trade deal to another team, one source familiar with his thinking believes there’s “better than a 50-50 chance” he’ll sign with Olympiakos. The team also will cover the Greek taxes for Childress, making the offer even more lucrative.

Childress is a restricted free agent, but the Hawks would have no matching rights with a FIBA contract. Olympiakos’ offer also would allow Childress the opportunity to return to the NBA over the next two summers. The Hawks would maintain his restricted free-agent rights provided they make him a qualifying offer.

Childress’ talks with the Hawks have yet to gain traction because Atlanta officials have made it clear their first priority is to resolve negotiations with forward Josh Smith, their other restricted free agent. Privately, Childress has expressed little enthusiasm in returning to play for the organization, sources said.

This news comes as a huge surprise, but it shouldn’t. As the U.S. Dollar continues to fall against the Euro, playing in Europe becomes more and more attractive for U.S. players. This, coupled with the Hawks’ reluctance to negotiate an extension, has Childress looking overseas for a place to play. If he were an unrestricted free agent, he would no doubt have a few mid-level deals (starting at $5.6 million per season) to sort through, but teams are reluctant to sign him to an offer sheet because they think the Hawks would match (and they probably would). It will be interesting to see if this prompts Atlanta to start serious negotiations with the talented forward.

Childress is a highly efficient player, posting a PER of 17.84, which is the ninth-best amongst all qualified small forwards in the league. He has come off the bench for much of his career, but in the Hawks’ playoff series against the Celtics, he was on the court in crunch time.

It would be a blow to the league if he decided to play in Greece.

A couple of weeks ago, Chris Paul re-signed with the Hornets. Now it’s Deron Williams’ turn.

According to league sources, Williams agreed to a three-year extension with a player option for the fourth year. The deal will pay Williams the maximum allowed by the NBA’s collective bargaining agreement and the earliest he can become a free agent would be the summer of 2012.

Williams’ extension is similar to the one New Orleans point guard Chris Paul agreed to just 10 days ago. Lance Young, Paul’s agent, said Paul agreed to a three-year extension with a player’s option for a fourth year. The total value of Paul’s deal is $68 million.

Although the exact value of Williams’ extension won’t be determined until the NBA sets its salary cap next July, the Tribune reports Williams will earn approximately $50 million for the first three years of the deal and as much as $70 million if he exercises the option.

“I know everybody has worked very, very hard toward reaching an agreement,” McClaren said. “It’ll be fun to talk about it tomorrow.”

I’m not an agent, but how “hard” is it to agree on a max contract? Is McClaren trying to justify his existence in Williams’ life?

In recent years, the three-year deal with a player option for the fourth has become a popular choice among some of the league’s elite players. Paul, LeBron James and Dwyane Wade all went with the three-year plan, with James and Wade signing their deals in the summer of 2006.

Players that sign these shorter deals are giving up the extra security of another year (or two) of guaranteed salary, but they have the flexibility to opt out and leave early if the franchise isn’t headed in a direction that suits them. It also allows their respective salaries to grow along with the NBA. Every so often, a new Collective Bargaining Agreement is reached, and it usually means raises across the board.

I love Williams’ game, but I only think there are 8-15 players worth a max contract, and I’m not sure he’s on that list. However, it’s not worth the risk to piss off your superstar to offer him a contract worth slightly less than the max, just to save a little dough. This is a good signing by the Jazz.