Cavaliers Sign David Wesley |
The Cleveland Cavaliers have signed guard David Wesley to a contract, Cavaliers General Manager Danny Ferry announced on September 5th. "David adds a wealth of experience and professionalism to our team,” Ferry said. “His defense, shooting and toughness will add to areas that we want to continue to grow this year." Read More
Cavaliers Sign Scot Pollard
The Cleveland Cavaliers have signed forward/center Scot Pollard and acquired guard Eddie Basden from the Chicago Bulls in exchange for forward/center Martynas Andriuskevicius, General Manager Danny Ferry announced August 18th. Read More
It's All Good
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The Cavaliers are primed to take another big step towards an exciting and successful 2006-07 season with breaking news regarding the return of power forward Drew Gooden.
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Done Deal! Four More to Score
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The wait is over for Cavalier fans as LeBron James and the Cavs agree to a deal that will keep him in Cleveland – with his eyes on the NBA Championship – for many years to come.
The agreement between the Cavaliers and LeBron guarantees another four more years for LeBron in Cleveland. Plus, LeBron will also get an additional option year for the 2010-2011 season. The Cavaliers and LeBron will have the right to extend his new contract four more additional years (on top of the current contract extension) starting in the summer of 2009.
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FREE AGENCY TERMS
Restricted Free Agents: Restricted free agents are not allowed to sign with any NBA team, as their current NBA team owns their rights and has the option of matching whatever contract offer the free agent receives from another NBA team, thus keeping the player.
Unrestricted Free Agents: Unrestricted free agents are allowed to sign with any NBA team.
Player Options: Player options allow the player to opt-out of his current contract and become an unrestricted free agent, able to sign with any NBA team.
Team Options: Team options allow the NBA team to 1) to extend the current contract “picking up the option” of an NBA player on their respective team OR 2) not extend the current contract “not picking up the option” for a current player, thus releasing that player and making him an unrestricted free agent.
Teams over the salary cap can still sign or acquire additional players by using a series of exceptions available in accordance with the Collective Bargaining Agreement (CBA). Every team over the salary cap is granted a mid-level exception to use every year, while teams may only use the smaller “Bi-annual” million-dollar exception once every two seasons. Teams also have several options in signing players at minimum salaries.
Mid-level Exception: An exception used by a team over the salary cap, where the amount is based on the average league salary which is determined by taking the total salaries paid during the previous season, dividing by 13.2 times the number of teams and then adding eight percent. For the 2005-06 NBA season, the mid-level exception was defined at $5M per year. The mid-level exception can be used as the first year of the contract and given to a player as part of a multi-year contract. It may be used for contracts of up to five years in length, and raises are limited to 8% of the salary in the first year of the contract. This exception may be split and given to multiple players. After the first year, the exception no longer applies to that player(s) and that player(s) salary amount goes on the team’s salary cap.
Note: Signing a player to a multi-year contract does not affect a team's ability to use this exception every year. For example, a team can sign a player to a five-year contract using this exception and still use the exception the following year to sign another player.
Bi-annual Exception: An exception used by a team over the salary cap once every two years. It may be used to sign any free agent to a contract starting at $1.747 million per year. The amount of this exception will rise every year. This exception may not be used two years in a row (and if the Bi-annual exception was used in 2004-05, the Bi-Annual exception may not be used in 2005-06). It may be split and given to more than one player, and can be used to sign players for up to two years, with raises limited to 8%.
Note: This exception was previously named (or misnamed) the "$1 Million exception" due to it being valued at $1 million in 1998-99).
Minimum Player Salary Exception: An exception used by a team over the salary cap, offering players minimum salary contracts based on their tenure in the NBA. Contracts can be up to two years in length. For two year contracts, the second season salary is the minimum salary for that season. The contract may not contain a signing bonus. This exception also allows minimum salary players to be acquired via trade. There is no limit to the number of players that can be signed or acquired using this exception.
Note: This exception begins to reduce in value after the first day of the season. For example, if there are 180 days in the season, then this exception reduces in value by 1/180 of its initial value each day. If a team signs a minimum salary player 90 days into the season, it can pay the player only half the minimum salary.
*Information provided courtesy of RealGM.com and Larry Coon FAQ (http://members.cox.net/lmcoon/salarycap.htm)
|2006 Free Agents
|Click here for a complete list of all restricted and unrestricted free agents.|
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USA Team Training - Seoul, Korea (August 11-12, 14, 16-17)
World Basketball Challenge - Seoul, Korea (August 11-15)
USA vs. Lithuania (August 13)
USA vs. Korea (August 15
FIBA World Championship - Sapporo & Saitama, Japan (August 19-September 3)
USA vs. Puerto Rico (August 19)
USA vs. China (August 20)
USA vs. Slovenia (August 22)
USA vs. Italy (August 23)
USA vs. Senegal (August 24)
FIBA Round of 16 (August 26 or 27)
FIBA Quarterfinals (August 29 or 30)
FIBA Semifinals (August 31 or September 1)
FIBA Finals (September 2 or 3)
NBA Training Camps Open (October 2)
Free Agency Period Ends (October 31)