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UPDATE: Nets officially sign Joe Harris as player movement winds down

By Net Income

The Nets made if official on Monday morning. They’ve resigned Joe Harris to a four-year deal valued at $75 million, one of the biggest contracts in Nets history. Only stars like Jason Kidd, Deron Williams, Kevin Durant and Kyrie Irving, all with $100+ million deals, have signed for more.

Later Monday, the Nets made their other free agency signing, Jeff Green, official as well.

“From the moment he arrived in Brooklyn, Joe has epitomized what it means to be a Net,” said Sean Marks in a statement. “On the court, Joe has improved every season, and he’s worked diligently over the past four years to become a core member of our team. He is an excellent teammate, and his approach to the game, along with his character, have had a positive impact on all facets of the organization.

“Off the court, Joe is an outstanding person, and he and his family have become integral parts of our Nets family. While we celebrate all that Joe has accomplished in his career up until this point, we’re also eagerly looking ahead to the next chapter of his career in Brooklyn.”

The Nets also released a video from Harris...

According to Spotrac, which tracks pro sports salaries, here’s the year-by-year breakdown of Harris deal...

2020-21: $16,741,071

2021-22: $18,080,357

2022-23: $19,419,643

2023-24: $20,758,929

Durant and Irving’s deals are guaranteed through 2022-23 with player options for 2023-24 for $43,928,850 and $36,503,300, respectively. That same year, Caris LeVert will earn $18,796,296 and DeAndre Jordan, $9,821,842. Only Harris is currently under contract for 2023-24.

Re-signing Harris, of course, was the top priority for the organization and it signaled that Joe Tsai, who’s only been principal owner for a little more than a year, is willing to spend big bucks. Bobby Marks estimated over the weekend that the signing of Harris, along with some earlier moves, meant that Tsai will pay out $47.5 million in luxury taxes. Since then, the Nets have agreed to sign Jeff Green, the veteran big, for the vets minimum. That would almost certainly put the figure at around $50 million. (The taxes can be reduced if the league’s revenues fall below a projected $8.3 billion.)

So with 89 percent of the league’s rosters filled —and 15 of the 30 teams with one or fewer open spots— there’s little room to manuever other than through trades. Here’s what the Nets have done so far...

Signings:

—Joe Harris, four years, $75 million.

—Jeff Green, one year, vets minimum, $1.6 million

Options not exercised:

—Garrett Temple, $5 million team option, Temple signed with Chicago

Draft Night trade:

—Nets gain: Landry Shamet, $2.1 million; Bruce Brown, $1.7 million; draft rights to Reggie Perry, No. 57 pick in 2020 Draft; a $2 million trade exception.

—Nets lose: Dzanan Musa, $2 million; draft rights to Saddiq Bey, No. 19 pick in 2020 Draft and Jaylen Hands, No. 56 pick in 2019 Draft, all to the Pistons and the draft rights to Jay Scrubb, No. 55 pick in 2020 Draft to the Clippers.

Here’s the full details of the trade.

Training camp invitations:

—Jordan Bowden, a 6’5” shooting guard from Tennessee

—Nate Sestina, a 6’9” stretch 4 from Kentucky.

Both players are eligible for a small bonus, between $5,000 and $50,000. No indication if either received such a bonus or in what amount.

Wilson Chandler, who was an unrestricted free agent, signed with a team in China.

The Nets were also reportedly in the market for a number of free agents who signed elsewhere over the weekend, including Serge Ibaka, the 7-foot big who signed with the Clippers after they were able to offer him significantly more than the Nets taxpayers MLE of $5.7 million; and Kent Bazemore, the 6’5” shooting guard who signed with the Warriors.

Brooklyn currently has 13 players on fully guaranteed contracts and one, Timothe Luwawu-Cabarrot, who will become partially guaranteed ($150,000) on Thursday. There’s every indication that the Nets will guarantee TLC. He is also scheduled to receive another guarantee, of $250,000, when the season opens on December 22. He becomes fully guaranteed on February 24.

Jeremiah Martin is in the second year of a two-way contract he signed in January. Martin, who did well in Orlando, will be able to play up to 50 games in Brooklyn under new two-way rules. As for Perry, the Nets can sign him to a multi-year Brooklyn Nets contract, as they did with second round picks Rodions Kurucs in 2018 and Nicolas Claxton in 2019, a two-way contract; or directly to a Long Island Nets deal as they did with Hands last year. The most likely option would appear to be a multi-year deal with Brooklyn, giving him a roster spot.

The Nets also tendered a qualifying offer to Chris Chiozza three days ago making him a restricted free agent, meaning the Nets can match any offer he may receive in free agency. That offer includes a $50,000 payment,

No word on Tyler Johnson’s situation. The Nets hold his Non-Bird Rights, which give them some leeway if they choose to re-sign him ... which seems unlikely after the trade for Shamet and Brown. Nor is there any information on the “substitute” players the Nets signed prior to the Orlando “bubble” —Jamal Crawford; Michael Beasley, Lance Thomas, Justin Anderson and Donta Hall.

Are the Nets done or will they pursue a trade? There are rumors that the Nets have offered Spencer Dinwiddie in trades, but with few if any specifics. Similarly, there are the reports that James Harden wants to join KD and Kyrie in Brooklyn and is angling for a trade. However, Marks in a Zoom call with the media Thursday signaled that he’s happy with his roster.

“It’s very difficult to discuss hypotheticals,” Marks said when asked about Harden rumors. “We don’t know what’s out there and when it will come to fruition. What you can do is prepare yourself to put the best roster you possibly can forward. We like the roster we have right now. I think it is a good group of guys, competitive group of guys, obviously very talented, and it will be about how they mesh on the floor.”

And of course, he has the confidence that his two superstars are, as he said, doing “terrific” after rehabbing from injury. So with a week until camp opens and four till the season starts, we will just have to wait.

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