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Extend or not too Extend?
Robert Covington has been in excellent form, his rating is now up to 81 and is rated one of the best 3 and D players in the NBA. In June, the Cavaliers exercised their team option on the final year of Covington’s deal in which he will make $1.57 million. He will become an unrestricted free agent next summer if the Cavaliers don’t extend his contract.
In November,
on the three-year anniversary of his first contract signing, Covington and the
Sixers in the NBA were able to rework his salary into a multiyear extension.
The terms of
the deal:
Four-year,
$62 million contract extension.
His salary increase
from $1.57 million to $15 million in the current season, then the addition 4
years for a total of $47 million (averaged at $11.75 million each year)
What is
Cleveland to do? Accept the same terms or wait till end of season.
Extend now:
By far the
easiest option, lock in an asset for many years to come at no risk.
The major
issue here, the Total salary is currently sitting at $116,718,800, adding on
the additional $13.43 million onto will not only put the Cavs into Lux, we would
go over the Hard Cap with a total salary of $130.148 Million.
To get under
luxury, Covington would need to be traded, or multiple assets to make room
(most likely Terrance Ross and Kosta Koufos)
Don’t Extend:
Robert
Covington continues to play out the season on his bargain $1.57 million.
What happens
at the end of the season? Well this is the interesting part. Covington will be
made available on Free Agent day 1. His contract will be $47 million (averaged
at $11.75 million each year), an absolute steal for a player of his talent.
Will he
leave the Cavs? No chance unless obviously he is traded. Covington will have a
A Loyalty, with a 95% chance of return, add on record and minus the minutes,
Cavs will only need to put 1 GM point on him to guarantee his return.
Cleveland have the bird years, so can go over the salary cap to sign him.
Cleveland decided to not extended Covington.
Point of
this article, accepting the extension is not always the best move.
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