Update: A little piece of bookkeeping confirmed by a team source: to make the Millsap offer, the Blazers renounced their rights to last year's players Shavlik Randolph, Michael Ruffin, Raef LaFrentz, and geriatric all-stars Luke Schenscher, Voshon Lenard, Chris Dudley and Detlef Schrempf to eliminate those players' cap holds. Should Utah match the Millsap offer, the Blazers can "un-renounce."
Paul Millsap has signed the offer sheet from the Portland Trail Blazers.
Tim Buckley of the Deseret News reports that the Millsap offer is set for 4 years, $32 million dollars, on the low end of yesterday's reported range. The estimated yearly salaries and bonus payments are consequently lower than estimates provided in yesterday's post.
Jason Quick breaks down the offer year-by-year.
If Utah doesn't match, the Blazers will pay Millsap $6.2 million the first year, $6.2 million the second year, $6.7 million the third year and $7.2 million the fourth year.
ESPN underlines the short-term financial burden being placed upon the Jazz...
The Blazers front-loaded the contract to make it difficult for Utah to match. They gave Millsap a $5.6 million signing bonus and agreed to pay him $4.7 million of his first-year, $6.3 million salary the day the contract becomes effective.
So a week from now, Millsap would receive $10.3 million. Add to that the $1.6 million that will be spread throughout next season and Millsap, who was paid just $797,581 last season, will be paid $11.9 million this year.
Storyteller breaks it down...
Year 1 - $6,225,000 base salary + $1,400,000 bonus = $7,625,000 cap hit
Year 2 - $6,225,000 base salary + $1,400,000 bonus = $7,625,000 cap hit
Year 3 - $6,725,000 base salary + $1,400,000 bonus = $8,125,000 cap hit
Year 4 - $7,225,000 base salary + $1,400,000 bonus = $8,625,000 cap hit
Millsap gets a $5,600,000 bonus upfront. He also apparently gets the maximum 75% of the first year's salary paid upfront (which is $4,668,750). So the total amount of money paid in July (either by the Blazers or the Jazz) will be $10,268,750. He'll be due the rest of his $1,556,250 regular season salary as normal - in incremental payments as the season progresses.
It's been awhile since I heard about a player getting 75% of their 1st year salary paid up front, although it is allowed. I remember Lamar Odom getting it when he signed with Miami and Elton Brand getting it when the Clippers matched his offer sheet years ago. I think Kobe also got it when he re-signed with the Lakers back in 2004. It's permittable but still pretty rare.
Ross Siler of the Salt Lake Tribune writes...
The Jazz's decision could be to match the offer to Millsap while trading Boozer. Detroit, Chicago, Golden State, Miami and New York are all believed to have expressed interest in the two-time All-Star, with Detroit's Richard Hamilton and Chicago's Kirk Hinrich mentioned as possibilities coming to Utah.
At the same time, Detroit's and Chicago's interest in trading for Boozer has been questioned by some in the Jazz organization. The Jazz, however, have been unwilling to sign Boozer to a long-term contract, leading Boozer to question whether he is part of the team's future.
An interesting footnote from Quick's article: Despite Millsap shooting a career 1 for 11 from 3 point land in 3 NBA seasons, his agent would have you believe he's a long distance threat. That's what I call earning your commission.
-- Ben (email@example.com)