Chris Broussard of ESPN writes...
The Portland Trail Blazers have offered Utah Jazz free agent Paul Millsap a four-year contract worth between $32 million and $36 million, according to league sources.
The offer includes a hefty signing bonus that will make it difficult for Utah to match. The Jazz will be presented with the offer Saturday and have seven days to match because Millsap is a restricted free agent.
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Update (5:59PM): Jason Quick of The Oregonian has confirmation from Kevin Pritchard and writes...
The Trail Blazers have tendered an offer sheet to Utah power forward Paul Millsap, general manager Kevin Pritchard said Friday, and Millsap's agent said the player plans to sign the offer sheet tonight.
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This coincides with the "toxic offer" Jason Quick first reported earlier this week. A large signing bonus and/or front-loaded salaries were seen as the two most likely methods for applying the most pressure to a Jazz franchise already well over the salary cap.
This offer, however, comes in quite a bit below what John Hollinger wrote would be the maximum Portland could offer Millsap: 5 years, $45 million. It would seem upon first glance that the Jazz would prefer paying the younger Millsap roughly $9 million a year compared to Boozer's $12 million plus salary for next season and could possibly afford both next season.
If the Blazers have included the maximum allowable signing bonus of 17.5% of the total salary, the Jazz could be looking at an up-front signing bonus payment of as much as $6.3 million dollars to Millsap. Combined with the first year's salary (which would be charged double as paying Millsap would throw them into the luxury tax), the Jazz could be looking at a total outlay of more than $18 million dollars this year to match this offer, assuming they do not shed any other salary. Estimate provided by BE reader Kevin Scooter.
Storyteller confirms with similar figures...
Giving Millsap $6 million in a signing bonus, $6.2 million over the course of the season, and then paying out $7.7 million in luxury tax next summer... Matching costs Utah roughly $20 million in cash over the next 12 months.
In related news, Awoj tweeted this morning that...
The Utah Jazz are intensifying efforts today to trade Carlos Boozer, multiple league executives tell Y! Sports.
While the Jazz continue to shop Boozer, a high-ranking Bulls source remains unmoved in saying Chicago isn't in discussions about a deal.
For what it's worth, Kevin Pritchard and Tom Penn were both not in the gym or available for comment at this morning's Summer League practice.
-- Ben (benjamin.golliver@gmail.com)
Update: For those of you who want it all, exactly... this from douglast and Storyteller...
Start with the amount of capspace, 7.7 million. Build a 4 year deal with maximum annual raises (8%).
That works out to be
7,700,000
8,316,000
8,932,000
9,548,000TOTAL = 34,496,000
This is where they can decide to make up to 17.5% of the total be bonus money instead of salary. Bonus money is paid now, but split evenly over contract life.
Assume 17.5% of 34,496,000 = bonus money total of 6,036,800.
prorated bonus amount is 1,509,200 per year. Cap values don't change at all - same as above. Cash outlay changes though, so Utah's cash outlay on this deal is now:
12,227,600
6,806,800
7,422,800
8,038,800So, they essentially have to spend an extra 4,527,600 in cash THIS year (plus taxes on their payroll). total monies are still 34,496,000, of which 28,459,200 is base, and the 6,036,800 is bonus