The Nets are still spending money. Mikhail Prokhorov may be done, but Joe Tsai on Monday proved that he too is willing pay out big bucks.
Adrian Wojnarowski reports that the Nets have agreed to a two-year, $29 million extension for Taurean Prince who they acquired in June in what was a salary dump to free up cap space, but now looks a lot different.
Brooklyn Nets F Taurean Prince has agreed to a two-year, $29M contract extension, CAA Sports' Steve Heumann tells ESPN.— Adrian Wojnarowski (@wojespn) October 21, 2019
Later, Bobby Marks said the $29 million is the max Prince can receive, that there are $3.7 million in bonuses.
The Nets who had to extend Prince by 6 p.m. Monday —or he’d become a restricted free agent next June— tweeted out the news shortly after Woj broke it.
In four preseason games, Prince averaged a team-high 16.8 points, 3.3 rebounds and 1.3 assists in 22.4 minutes per game while shooting 63.2 percent (24-of-38) from the field and a team-best 69.6 percent (16-of-23) from 3-point range.— Brooklyn Nets (@BrooklynNets) October 21, 2019
Full release ⬇️
“I want to be here as long as I can. And whatever happens, happens, but I’m just happy to play good basketball,” Prince told The Post over the weekend. “One hundred percent, yeah. For sure. This is the best organization I’ve been in.
“Top to bottom, from Sean [Marks] all the way to the cooks to the janitors, [everybody’s] involved in welcoming as far as family. I can 100 percent be myself here. That goes a long way as far as players, because it makes your job a lot easier on the court.”
After the signing, Prince tweeted out his appreciation...
Goes to show you how great this organization is more so than how good of a player I am. They’ve embraced my family and I from Day 1. I could be anywhere but God brought me here for a reason and that’s to help WIN! & to WIN you must sacrifice.— Forever Humble (@taureanprince) October 21, 2019
The signing is the first big deal since Tsai took over the team a month ago, buying the Nets and Barclays Center for $3.5 billion, a record for a North American sports franchise.
Prince will now be under contract for three years: $3.48 million this year, then $29 million in 2020-21 and 2021-22.
His deal means eight players on deals that extend through 2021-22: Prince, Kevin Durant, Kyrie Irving, DeAndre Jordan, Caris LeVert, Spencer Dinwiddie, Rodions Kurucs and Nicolas Claxton. The Nets have now committed a half billion in since June 30. Total cost: nearly $450 million.
The Nets will likely have to make a decision next summer on Joe Harris, who will be a free agent on July 1. Brooklyn holds his Bird Rights meaning they exceed the salary cap to retain him. The Nets will also have to make a decision on extending Jarrett Allen a year from now.
The downside of all the moves is that the Nets —in the person of Joe Tsai — will have to pay some luxury tax next year for the first time since 2015.
The lone free agents in Brooklyn next summer- Joe Harris and Wilson Chandler. Despite right at the tax, Harris has bird rights and the possible 2 1's gives the Nets some much needed roster flexibility. https://t.co/VRYxEJu8bR— Bobby Marks (@BobbyMarks42) October 21, 2019
Albert Namad, the Miami-based cap enthusiast, tweeted that while the Nets may have to pay out some luxury tax, they are ideally positioned for a title run ... and that the Allen Crabbe salary dump that brought in Prince now looks like a steal.
Yes. Nets will be expensive. But they’re going for it all. And, assuming Kevin Durant returns back healthy, I think they'll have an ideal combo of playmaking and spacing to back it up. Costs be dammed!— Albert Nahmad (@AlbertNahmad) October 21, 2019
(And if they really want to shed salary, they have ability to do that too.)
I must admit that I humbly feel this is a great follow-up to a quietly great move in acquiring him from the Hawks as part of the Allen Crabbe trade.https://t.co/nr45HP7S7L— Albert Nahmad (@AlbertNahmad) October 21, 2019
Ironically, the Hawks wanted to get rid of Prince because they didn’t want to extend him.
This is of course the second extension of the summer for the Nets, having agreed to pay out $52.5 million to LeVert over three years. That deal went down on August 25.
Brooklyn ends the extension period signing two starters for a combined $80M- Caris LeVert and now Taurean Prince. Good balancing the books especially when you have two max players in KD and Kyrie, plus Jarrett Allen who is extension eligible next summer.— Bobby Marks (@BobbyMarks42) October 21, 2019
Not everyone thought the deal was great. John Hollinger, now with The Athletic after seven years with the Grizzlies, said he didn’t see the deal coming.
This is the one deal that surprised me the most, because a) Prince had a poor season in 2018-19, and b) he plays the same position as Kevin Durant. It also likely makes the Nets a tax team in both 2019-20 and 2020-21, limiting them to the taxpayer midlevel exception.
Hollinger said, however, that the Caris LeVert deal earlier this summer, calling it “a pretty sweet deal compared to the ones that came down the pike later.”
The Nets did miss out on Alfonzo McKinnie who they had hoped to sign if the Warriors small forward cleared waivers after being cut Saturday. The Cavaliers, second in the waiver order, claimed McKinnie on Monday.
Brooklyn still have one two-way deal left. They have 16 players under contract, one short of the maximum. They have also yet to announce officially that Jaylen Hands, the 56th pick in the 2019 Draft, will join the Long Island Nets. Brian Lewis has reported that’s the plan.
- Nets extend Taurean Prince on 2-year, $29 million deal - Adrian Wojnarowski & Malika Andrews - ESPN
- Nets agree to contract extension with Taurean Prince - New York Post
- Nets sign Prince to contract extension after good preseason - AP
- Taurean Prince Inks Multi-Year Extension With Nets - Alec Gearty - WFAN
- How next summer’s weak free agency class impacted NBA contract extension deadline - John Hollinger - The Athletic NBA
- BROOKLYN NETS SIGN TAUREAN PRINCE TO CONTRACT EXTENSION - Brooklyn Nets