Portland has traded Allen Crabbe to Brooklyn for Andrew Nicholson, league sources tell ESPN.— Adrian Wojnarowski (@wojespn) July 25, 2017
Nicholson will be waived and his contract paid out over several seasons via the NBA’s “stretch provision,” according to Wojnarowski.
Portland will waive and stretch Nicholson's contract, league source tells ESPN.— Adrian Wojnarowski (@wojespn) July 25, 2017
Nicholson was set to make $19.9 million over the next three seasons. That salary will now be spread evenly over the next seven seasons, per the rules of the stretch provision, meaning the Blazers will owe Nicholson $2.84 million annually until 2024. Crabbe was set to make over $56 million over the next three seasons.
In the short term, the Blazes have reduced their 2017-18 payroll from $138.2 million to $121.7 million (all cap numbers from Eric Pincus at Basketball Insiders), and cut a $40+ million luxury tax payment down to about $3.6 million.
Crabbe also reportedly waived his trade bonus to facilitate the trade.
Sources: Crabbe waiving trade kicker. Also: Portland, Nets had to wait one year from matching of Crabbe's $75M offer sheet to execute deal. https://t.co/1gmXcLPYTF— Adrian Wojnarowski (@wojespn) July 25, 2017
Crabbe averaged 10.7 points per game for the Blazers this year in 79 games, including an impressive 44.4% rate from the three-point arc. He underwent surgery to repair repair the fifth metatarsal bone in his left foot, and is expected to be ready by training camp. Crabbe’s season review from Blazer’s Edge can be found here.