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The Nets and their long-time franchise player, Deron Williams, have reached a buyout agreement.. The deal should get the Nets under the luxury tax threshold, saving them tens of millions of dollars and permitting them more cap flexibility than they've had since moving to Brooklyn.
The news was first reported by David Aldridge of NBA.com in a tweet late Friday afternoon
The Nets and Deron Williams have reached a buyout agreement, per source.
— David Aldridge (@daldridgetnt) July 10, 2015
Marc Stein says the buyout will be in $25- to $30 million range. Two league sources tell NetsDaily the final number is $27.5 million, meaning once D-WIll is stretched, the Nets will carry $5.5 million on the salary cap for the next five years.
Considering earlier this summer Nets looked stuck w/ Deron, this is good for BKN. Both sides get much-needed divorce https://t.co/DldKsOdD4W
— Ohm Youngmisuk (@NotoriousOHM) July 10, 2015
D-Will, a Dallas native, has also reached an agreement to play for the Mavericks at $5 million a year for two years.
ESPN sources say Deron Williams is expected to sign a two-year deal with Dallas in the $10 million range once he hits the open market
— Marc Stein (@ESPNSteinLine) July 10, 2015
Mike Mazzeo has the math.
There ya go. Numbers look very similar. Stretch would put #Nets around tax line. https://t.co/4w7PyjaDBp
— Mike Mazzeo (@MazzESPN) July 10, 2015
As does Howard Beck.
Key consideration for Nets in D-Will buyout: they now duck under tax, avoid repeater tax, saving about $40 mil.
— Howard Beck (@HowardBeck) July 10, 2015
Other key thing: By buying out/stretching Williams contract, Nets will have $39 mil cap room next summer, per source.
— Howard Beck (@HowardBeck) July 10, 2015
On Instagram, Williams' wife Amy confirmed the Dallas end of the deal ... but took it down, apparently to avoid tampering questions.The Nets hadn't even waived Williams.
The next step will involve the Nets waiving Williams and then informing the league they are stretching the remainder of his contract. They have until August 31 to do that, but can be expected to do it within days.
Earlier Friday, Marc Stein reported that the two sides were talking buyout. NetsDaily had been told the two began discussions before the Draft and were continuing this past weekend.
Williams was traded to the Nets by the Jazz in 2011 for Derrick Favors, Devin Harris and picks that turned into Enes Kanter and Trey Burke. In his first two years, he played well, and in 2012 signed a $99 million, five-year deal that was among the biggest in the Nets history. His game, hampered by various injuries, continued to decline, however. This past season, he dropped to 13.4 points and 38.7% shooting overall.
While Williams is heading to Dallas, don't expect Joe Johnson to go anywhere. A league source tells NetsDaily that the Nets expect Johnson to have "a tremendous season" for Brooklyn next year.
- Nets, Deron Williams reach buyout agreement - David Aldridge - NBA.com
- Williams era was costly for Nets - John Schuhmann - NBA.com
- What the D-Will buyout means to Nets - Mike Mazzeo - ESPN New York
- Deron Williams to sign two-year deal with Dallas Mavericks after leaving Brooklyn Nets - ESPN
- NBA: Deron Williams leaves the Nets just like a Starbury - Ohm Youngmisuk - ESPN New York
- Measuring impact of Deron Williams buyout and move to Dallas Mavericks - Kevin Pelton - ESPN Insider
- Price, pressure lower for Deron Williams as he comes to Dallas - Tim MacMahon - ESPN DFW
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Deron Williams, Nets part ways - Andy Vasquez - The Record
- Nets will pay Deron Williams to go away - Tim Bontemps - New York Post
- What happens to Nets now? 5 questions after Deron split - Tim Bontemps - New York Post
- Deron Williams, Nets reach contract buyout - Rod Boone - Newsday
- Deron Williams Is Said to Be Leaving Nets for Dallas - Andrew Keh - New York Times
- Deron Williams and Nets reportedly agree to a buyout - Mitch Abramson & Stefan Bondy - New York Daily News
- Deron Williams Reaches Tentative Buyout Deal with Nets - Alex Raskin - Wall Street Journal
- Nets, Deron Williams reach buyout, Williams to join Mavericks - Devin Kharpertian - The Brooklyn Game
- Does buying out Deron Williams make sense? - Devin Kharpertian - The Brooklyn Game
- Deron Williams & the end of the noise - Devin Kharpertian - The Brooklyn Game
- Deron Williams gets buyout with Nets, will sign with Dallas - Kurt Helin - NBC Sports
- Source: Nets buy out Deron Williams, paving the way for acquisition by Mavericks - Eddie Sefko - Dallas Morning News
- Report: Deron Williams seeking move to Mavericks - Dwain Price - Fort Worth Star-Telegram