James Jones waived

[lakerfan10770]

OK so I see that James Jones was waived, no big deal, it was expected. BSPN is reporting the following:

Jones had a contract that was partially guaranteed through Wednesday for $1.9 million. After that, it would have been worth $4.6 million, but Jones agreed to spread the total buyout over three years and therefore free up about an extra $400,000 off Miami's cap for 2010-11.

Link: http://sports.espn.go.com/nba/news/story?id=5340617

We already new from Sham that JJ's guarantee was as follows:

2010-2011 - $1,856,000
2011-2012 - $1,984,000
2012-2013 - $2,112,000

Question, how is his buyout allocated to the cap?

I assume that it will take one of you guys that is privy to such information to pass it along. Anyways thanks.

[Dunkenstein]

Question, how is his buyout allocated to the cap?

2010-2011 - $1,856,000
2011-2012 - $1,984,000
2012-2013 - $2,112,000

[FGump]

Yep, that Florida paper report (picked up by CBS and ESPN) saying that the buyout was spread out so therefore lessened the cap hit, sounded pretty bogus to me too. Unless there's something missing in the facts as being reported, they simply blew it.

[Malinhion]

I heard somewhere that he agreed to take less in a buyout, which actually lessened the cap hit of the guaranteed portion of the contract. But I've read so much crap lately that I have no idea what's going on.

[loserX]

I heard somewhere that he agreed to take less in a buyout, which actually lessened the cap hit of the guaranteed portion of the contract. But I've read so much crap lately that I have no idea what's going on.

Anything is possible, but I don't know why Jones would do that. It's Miami that wants him gone, not him...Miami is already reducing the amount they owe him by waiving him, thanks to his unguaranteed money. I'm not sure why Jones would then agree to take even less; he was going to a "free man" anyway. It's not like the Heat would have kept him.

[Flash is the Future]

He's a Miami native, though. Probably grew up a Heat fan. Perhaps Riley convinced him that we just really needed that extra $356k capspace, and that *winkwink* we'd give him a contract when we were done signing free agents if he was still out of a job.

[answerthink]

I’ll take a crack at this...

Reports are still sketchy at best, but the Heat has apparently negotiated a buyout with Jones that further reduces the above figures.

The reports suggest that Jones’ cap hit for 10-11 will be $1,500,000, $356,000 less than his partial guarantee. If they are true, then by my math the Heat has negotiated a $4,809,677 buyout, $1,142,323 less than his $5,952,000 partial guarantee.

The amounts would be allocated as follows:
10-11: $1,500,000
11-12: $1,603,226
12-13: $1,706,452

The reduced buyout would allow the Heat to offer three $16,568,908 contracts (at a projected $56.1 million cap, with $157k of cushion), if the team is able to move both Beasley and Chalmers. Of course, whether the team is able to move those contracts or whether the team can successfully recruit three such players to Miami remains to be seen.

While I do not presume to know why Jones would have done so (or if it’s even true), it is conceivable that an agreement could be in place for the Heat to re-sign him at the end of the off-season utilizing the minimum salary exception. If so, he’d earn $1,146,337, which makes up the difference. Of course, this is pure speculation.

[FGump]

While your numbers are helpful to a degree, the "report" itself that asserted that change is still of incredibly questionable veracity ...because it tells us the cap hit was reduced because the payout schedule was revised. Sounds reasonable if you're a cap newbie that doesn't know better, but here we all know that a change in payment schedule due to buyout does NOT alter the cap hit. So we know at least one part was nonsense, with some link of the info chain blowing smoke on this issue somewhere ....and it leaves unsubstantiated any validation for the supposed extra cap reduction - if there really was one.

[Dunkenstein]

Here are the numbers released by the league for Jones' final cap hit:

10-11 $1,544,172
11-12 $1,650,667
21-13 $1,757,161

So Jones gave back an additional $1,000,000 on condition of him clearing waivers.

I suspect answerthink is right that Jones will get a veteran minimum contract after the Heat have used up all their cap room.

[answerthink]

Thanks Dunk. Much appreciated.

Looks like he gave back just enough for the Heat to afford that third max contract should Beasley/Chalmers be traded...

[Malinhion]

Can Miami resign him for the minimum exception?

Just heard this mentioned on ESPN.

[answerthink]

Yes

[loserX]

Can Miami resign him for the minimum exception?

Just heard this mentioned on ESPN.

It's my understanding that any team can sign any free agent to the minimum exception (if the player is willing to take it) regardless of cap situation or anything else.

Smart people, is this true? Or have I picked up some misinformation?

[answerthink]

True. Any team can sign a player to a minimum salary contract. Teams that are over the cap would utilize the minimum player salary exception.

[lakerfan10770]

Can Miami resign him for the minimum exception?

Just heard this mentioned on ESPN.

It's my understanding that any team can sign any free agent to the minimum exception (if the player is willing to take it) regardless of cap situation or anything else.

Smart people, is this true? Or have I picked up some misinformation?

I would think that a team has to be over the cap to sign a player via the minimum exception. With that said a team under the cap would be required to pay a player at least the veteran minimum. That brings up the question (which has probably been answered here before) of whether or not a team under the cap can get the "credit" back to the 2-yr vet min salary for a player with more than 2yrs experience.



Also, thanks for the info Dunk, that is much appreciated.

[loserX]

Yeah, sorry, I worded that poorly. Looks like you guys figured out what I meant, though.

[answerthink]

When a player has been in the NBA for three or more seasons, and is playing under a one-year, ten-day or rest-of-season minimum contract, the league reimburses the team for part of his salary - any amount above the minimum salary level for a two-year veteran. Only the two-year minimum salary is included in the team salary, not the player's full salary.

This is the case for any player who signs a minimum contract, whether or not the minimum player salary exception is utilized.