The Philadelphia 76ers added some guard depth on a two-way contract, while clearing out some salary and adding some second-round draft capital. The Wizards used some of their tax room to eat a salary, while adding a first-round pick.

Here are the particulars:

Philadelphia 76ers acquire: Jared Butler (two-way player), most favorable of 2027 Warriors or Suns second-round pick, 2028 Warriors second-round pick, 2030 Warriors second-round pick, most favorable of 2030 Suns or Trail Blazers second-round pick

Washington Wizards acquire: Reggie Jackson, least favorable of 2026 Rockets, Clippers or Thunder first-round pick

Let’s dive in!

Philadelphia 76ers

Incoming salary: None (two-way players count as $0 in trade)

Outgoing salary: $2.1 million in 2024-25

• Reggie Jackson (PG, one year, $2.1 million)

Jackson had been a rotation regular for Nick Nurse, but the Sixers have a decent amount of point guard depth. This move was part of a series of moves to that helped Philadelphia to get under the luxury tax line.

In addition to getting under the tax, the Sixers picked up four future second-round picks in exchange for a first-round pick. That’s adding to the coffers long-term.

Lastly, let’s not overlook the addition of Butler. He’s an NBA-caliber backup point guard. Don’t be surprised if Butler is eventually converted to a standard contract by the Sixers before the send of the season.

Washington Wizards

Incoming salary: $2.1 million in 2024-25

• Reggie Jackson (PG, one year, $2.1 million)

Outgoing salary: None (two-way players count as $0 in trade)

This one is pretty simple from the Wizards side. They use some of their considerable space under the luxury tax, plus a bunch of extra second-round picks to add another first-round pick. That’s solid work.

Jackson was waived. He’s got enough left in the tank to help a playoff team that needs some point guard depth. Look for Jackson to catch on with someone on a rest-of-season contract.

The Houston Rockets used some of their room under the luxury tax to pick up a couple of second round picks. The Boston Celtics saved $15 million in luxury tax payments by moving off a non-rotation player.

Here are the particulars:

Houston Rockets acquire: Jaden Springer, 2026 Pelicans or Trail Blazers second-round pick, 2030 Celtics second-round pick

Boston Celtics acquire: 2031 top-55 protected Rockets second-round pick

Let’s dive in!

Houston Rockets

Incoming salary: $4 million in 2024-25

• Jaden Springer (SG, one year, $4 million)

Outgoing salary: None

The Rockets had about $10.5 million in space under the luxury tax. As such, they used a portion of the Non-Taxpayer MLE to bring in Jaden Springer. Houston subsequently waived Springer.

Essentially, the Rockets spent $4 million to buy two second-round picks from Boston.

Springer is a solid defensive player, but his lack of offense has kept him from progressing forward. That said, he’s young enough that a rebuilding team should take a look at him for the rest of the season.

Boston Celtics

Incoming salary: None

Outgoing salary: $4 million in 2024-25

• Jaden Springer (SG, one year, $4 million)

This was all about saving some money for the Celtics. Boston got off $4 million in salary by trading Springer, who wasn’t a regular rotation player. But the real savings came with the luxury tax. Because the Celtics are so deep into the tax, they saved about $15 million in tax penalties with this move.

Boston has a deep roster, and they should be in position to acquire second-round pick down the line, should they need them. The Celtics already re-invested some of the saving by agreeing to a contract with veteran wing Torrey Craig.

League MVP

Josh Allen | QB | Buffalo Bills

Despite not being named first-team All-Pro, Allen secured his first MVP award in 2024, securing a $1.5M incentive along the way. It’s the first Bills’ player to win the award since RB Thurman Thomas did so back in 1991.

Contractually, Allen holds 4 years, $129.5M remaining, including just $14.5M for the upcoming 2025 season, none of which is guaranteed. He’s in line for some type of renegotiation this winter, be it a sweeten-the-pot maneuver that pulls cash from the back of the deal into 2025, or a straight up extension that pulls Allen into our current $60M+ per year stratosphere.

Offensive Player of the Year

Saquon Barkley | RB | Philadelphia Eagles

Barkley became the 9th player to reach 2,000 yards rushing in a season, finishing just 100 yards behind Eric Dickerson’s single-season record (2,105). He’s been every bit of the home run hitter the Eagles thought they were getting when they signed him away from the Giants on a 3 year, $37.75M contract.

The nearly 28-year-old now has 2 years, $26M remaining thanks to $1M worth of escalators that were hit in his historic 2024 campaign (another $250,000 can be added with a Super Bowl win). $11M of his 2025 salary plus $1.5M of his 2026 compensation is fully guaranteed.

Defensive Player of the Year

Patrick Surtain II | CB | Denver Broncos

The Broncos did a lot of subtracting before the 2024 season, but locking in Surtain to a market resetting 4 year, $96M extension has already proved to be one of their better additives of the offseason. The 24-year-old secured 4 interceptions, a forced fumble, and 45 tackles in 2024.

Surtain now holds 5 years, $100M remaining on his sophomore contract, including $42M guaranteed for practical purposes. His contract sets a new bar for the next wave of cornerback contracts (Stingley Jr., McDuffie, Benford, Gardner).

Offensive Rookie of the Year

Jayden Daniels | QB | Washington Commanders

It was a dream season for the Commanders, who changed nearly every facet of their franchise over the course of the past 24 months - and were rewarded with a lightning-in-a-bottle player at the most important position in sports. Daniels just completed the greatest rookie QB season in the history of the game, finishing 2024 with a Passer Rating over 100, 3500+ Passing Yards, nearly 900 Rushing Yards, and a 5th place ranking in PFFs final grading.

HIs #2 overall rookie contract now holds 3 years, $12.6M fully guaranteed remaining, plus a 5th year option for 2028 (that has already been escalated per his Pro Bowl selection this season). Daniels won’t become extension eligible until after the 2026 season, so it’s a big 2-year window for Washington to cash in on the value system.

Defensive Rookie of the Year

Jared Verse | ED | Los Angeles Rams

The Rams hadn’t made a first round pick since the 2016 draft, but boy did they hit a home run with Verse. The 24-year-old out of Florida State secured 5 sacks, 66 tackles, and 2 forced fumbles in his debut campaign, while almost immediately establishing himself as a player offenses need to “gameplay” around.

His #19 overall rookie contract now holds 3 years, $6.5M fully guaranteed remaining, plus a 5th year option for 2028 (that has already been escalated per his Pro Bowl selection this season). Verse won’t become extension eligible until after the 2026 season.

Comeback Player of the Year

Joe Burrow | QB | Cincinnati Bengals

Burrow’s season began with serious concern about his long-term injury risk, and finished with a legitimate question as to if he should be in the running for League MVP. Such has been the ebbs and flows of his first 5 seasons in Cincinnati.

The 28-year-old holds 5 years, $198.7M remaining on his contract through 2029, $88.8M of which is guaranteed for practical purposes. It’s a big, busy, potentially very expensive offseason for his Bengals’ front office.

The NBA trade deadline has passed. For most, that means it’s time to take a breath and reset. For NBA front offices, they get right back to work.

The buyout market is the less-glamorous cousin to the trade deadline. With what an insane blockbuster-filled deadline we’ve head, the 2025 buyout market seems even less-glamorous than usual.

That said, there will still be some recognizable names on the buyout market…maybe.

As they were a season ago, teams are working under new rules in the buyout market. Gone are the days of the most expensive teams filling out their roster by snagging a high-salaried player who gave up the equivalent to a prorated veteran minimum to chase a ring.

Under the current CBA, teams who are over the first or second apron are restricted from signing a player after a buyout (or waiver) whose previous contract was greater than the Non-Taxpayer MLE for the current season. For this year, that’s $12,822,000.

So, on one side, you have a handful of contenders out of the mix to add a formerly high-salaried player. On the player side, they may be less likely to take a buyout if their options for the next team are limited.

For example, if you are making $20 million-plus, but your options are limited of where to go next, you may be better off staying where you are. This is especially true of players who have full Bird Rights as a free agent in the summer of 2025. That could lock in a bigger contract via re-signing or sign-and-trade than is prudent to give up by taking a buyout.

The same is true for teams. If they are capped out, they might prefer to have a player on an expiring deal, as opposed to buying them out. Similar to the player side, a team would rather be able to use that player’s Bird Rights to bump up their salary in an outgoing sign-and-trade deal.

So, if you add it all up, this buyout market could look vastly different from previous ones. Several players will still hit the market, as their contract situations now and moving forward won’t prevent them from taking a buyout.

As of this writing, the following teams are over the first or second apron and will be restricted from signing a player who makes more than $12,822,000 currently:

• Boston Celtics
• Denver Nuggets
• Los Angeles Lakers
• Milwaukee Bucks
• Minnesota Timberwolves
• New York Knicks
• Phoenix Suns

In addition, the Dallas Mavericks and Golden State Warriors are so tight to the first apron (at which they are hard-capped), they’re unlikely be heavily involved in the buyout market (pending additional moves).

Lastly, it’s important to remember that a lot of buyout players are more name than game. As one NBA GM put years ago, “There’s a reason they’re available in the middle of the season for the minimum.”

With all of that said, here are some of the players to keep an eye in the 2025 buyout market!

(Note: This list is presented in alphabetical order. Players with a * are restricted from signing with an apron team due to the rules explained above.)

Marvin Bagley III (Memphis Grizzlies, C/PF, 26 years old)

Remaining Salary: $12.5 million

Bagley’s salary slides in right under the threshold for an apron team. Teams looking for frontcourt depth might be interested in bringing the veteran big man in for a rest-of-season look. Memphis could also keep Bagley, but they are flush in frontcourt depth as it is. This one screams traditional buyout scenario.

Bojan Bogdanovic (Brooklyn Nets, SF/PF, 36 years old) *

Remaining Salary: $19 million

Bogdanovic hasn’t played this season, but teams know what he’s capable of. If the Nets move on because of a need for a roster spot (they have some interesting two-way conversion candidates in Tyrese Martin and Tosan Evbuomwan), Bogdanovic could be bought out or waived. At this point, contenders who need a shooter with size might take a look.

Malcolm Brogdon (Washington Wizards, PG/SG, 32 years old) *

Remaining Salary: $22.5 million

Brogdon would normally be a great candidate for a buyout. Given that he can’t join any of the apron teams, Brogdon would need to have something lined up to join a non-apron contender. On Washington’s side, the Wizards already project to have cap space this summer. That makes Brogdon’s Bird Rights less valuable for them. But those Bird Rights are still valuable to Brogdon. He may not want to give them up.

Bruce Brown (New Orleans Pelicans, SG, 28 years old) *

Remaining Salary: $23 million

Brown is being traded to the Pelicans in a deal that sends Brandon Ingram to the Toronto Raptors. New Orleans is rebuilding and has high-priority players at Brown’s position. But the Pelicans don’t plan to stay down for long. That means Brown’s Bird Rights have value. Call this a 50-50 situation at best.

Torrey Craig (Chicago Bulls, SG/SF, 34 years old)

Previous Salary: $2.8 million

Craig was waived to allow Chicago to complete their three-team deal with the San Antonio Spurs and Sacramento Kings. Craig has dealt with a lot of injuries this season. He’s also getting a bit long in the tooth. But when he’s right, Craig can give a team a 3&D wing presence. Someone might give him a look on a rest-of-season contract.

UPDATE - Agreed to signed with Boston (2/6/25)

Seth Curry (Charlotte Hornets, PG/SG, 34 years old)

Remaining Salary: $2.1 million

This one is really about if the Hornets need a roster spot or not. Moussa Diabate and K.J. Simpson are candidates to be converted to a standard contract from their two-way deals. If that happens, Curry could be a roster casualty. From there, Curry could head off to ring chase with a contender in need of some bench shooting.

Reggie Jackson (Washington Wizards, PG, 35 years old)

Remaining Salary: $2.1 million

Jackson was moved to the Wizards in a salary-clearing move by the Philadelphia 76ers. There’s no real place for Jackson with Washington. He’s likely to be waived. From there, he could catch on with a playoff team that needs some backcourt depth.

Tre Jones (Chicago Bulls, PG, 25 years old)

Remaining Salary: $9.1 million

Jones is a high-quality backup point guard. Teams are always looking for depth at that position. In addition, the Bulls have a bunch of other guards, including ones they have an investment in. Keep an on Jones popping free.

Vasilije Micic (Phoenix Suns, PG, 31 years old)

Remaining Salary: $7.7 million ($8.1 million team option for 2025-26)

Micic is now caught up in a quagmire of point guards in Phoenix. The Suns aren’t likely to have a need for both him and Monte Morris as depth at point guard. That could see Micic set free. From there, it’s 50-50 if he’d sign with another NBA team or return back to Europe, where he was a star.

Monte Morris (Phoenix Suns, PG, 29 years old)

Remaining Salary: $2.1 million

See above, then note: Morris has fallen out of the Suns rotation. He’s on a Veteran Minimum deal already, so there won’t be a buyout here. But if Phoenix thinks they have more of a need and need a roster spot. Morris could be a straight waiver candidate. He can still play, so a team in need of a point guard could sign Morris, or even claim his deal, given his Minimum status.

Chris Paul (San Antonio Spurs, PG, 39 years old)

Remaining Salary: $10.5 million

We’re only including Paul because he’s been bandied about as a buyout candidate, given the Spurs acquisition of De’Aaron Fox. Don’t bet on that happening. The Spurs love what Paul has brought them. They think playing him and Fox together is fine for the rest of the season. If Paul did shake loose, he’d vault to the top of the available point guard rankings.

Cam Reddish (Charlotte Hornets, SF/SG, 25 years old)

Remaining Salary: $2.5M

Reddish was thrown in to the deal that brought Dalton Knecht from the Los Angeles Lakers to the Charlotte Hornets for Mark Williams. That was to get to the Lakers off some salary and to open a roster spot. Given all the injuries on the wing in Charlotte, Reddish could get a chance to play. This one will come down to if the Hornets need an open roster spot or not. If waived, Reddish could link up with a team that wants to see if they can finally pull the 3&D player out of the 25-year-old wing.

Josh Richardson (Utah Jazz, SG/PG, 31 years old)

Remaining Salary: $3.1 million

Richardson is being moved to the Jazz for salary-matching/clearing purposes in the Jimmy Butler trade. He hasn’t been able to play much this season due to injuries. Utah doesn’t have a need for Richardson, especially given the injury issues. If Richardson is healthy, he could help a contender that needs a combo guard on their bench.

Ben Simmons (Brooklyn Nets, PG, 28 years old) *

Remaining Salary: $40.3 million

Simmons is a possible buyout candidate, but a lot will depend on the Nets situation. If Brooklyn needs a roster spot (they have some interesting two-way conversion candidates), they could look to buy out or waive Simmons. There’s also a chance Brooklyn and Simmons would rather use his Bird Rights for something bigger this coming summer.

Daniel Theis (Oklahoma City Thunder, C, 33 years old)

Previous Salary: $2.1 million

The Thunder waived Daniel Theis after eating his contract to help the New Orleans Pelicans get under the luxury tax. Oklahoma City wanted to open a roster spot to convert Ajay Mitchell to a standard contract. That’s where this likely heads eventually for the Thunder.

P.J. Tucker (Toronto Raptors, PF, 39 years old)

Remaining Salary: $11.5 million

Tucker is probably going to get straight waived by the Raptors, without a buyout. It’d be surprising if any team signs him, because Tucker hasn’t played in nearly a year. At this point, the veteran forward epitomizes the “more name than game” philosophy.

Delon Wright (New York Knicks, PG, 33 years old)

Remaining Salary: $2.1 million

Wright is about the eighth point guard on the Knicks. That’s a bit of an exaggeration, but not by much. He could be set free to join a team where he’d see more time. However, Wright lost his role as the Milwaukee Bucks backup point guard this season. There might not be much left in the tank here.

Lonnie Walker IV (Zalgiris (Lithuania), SG, 26 years old)

Remaining Salary: N/A

We’re adding Walker here, because there is considerable interest in him from NBA fans. Walker has an NBA out with Zalgiris that has to be triggered by February 18, per reports. If triggered, Walker would presumably be signing a rest-of-season minimum deal. However, it’s worth noting that Walker has struggled against EuroLeague competition. He’s shot 38.5% in 18 EuroLeague games, including 33.6% on three-pointers. For a player whose primary value is his shooting and scoring, that’s worrisome for a potential return to the NBA.

The NWSL’s 2023 secondary window included 16 player signings and just one intra-league trade (non-player related). Comparatively, 2024 exploded with movement, 31 new player signings—free agency, transfers, and loans—and 11 trades—most of which included player movement.

Chart 1: Incoming/Outgoing Player Movement

1. Utah Royals

After the Olympic restart, Utah won six, drew one, and lost four, a dramatic turn from their start to the season in which 16 matches they only won twice, drew thrice, and lost a lot more. During the secondary window the Royals added Japanese midfielder Mina Tanaka, Spanish midfielder Claudia Zornoza, and Canadian forward Cloé Lacasse. Part of the drastic differences in outcomes can be attributed to the Royals new additions of players with international experience and years of professional experience, but part of it was also the mid-season coaching change which happened right before the Olympic break and the complexity that comes from being an expansion team needing to find their identity. 

2. Kansas City Current

Although the Current only lost once in the first 16 matches of the season, they had 22 goals against in that period, averaging almost 1.4 goals per game against. During the Secondary Window, the Current signed German goalkeeper Almuth Schult, and made two big trades for defenders. First they acquired centerback Alana Cook from Seattle for $40k allocation money and $75k intra-league transfer funds, with an additional $25k in intra-league transfer funds being sent to the Reign if incentive based requirements are met. With just days left in the window, the Current traded goalkeeper Jordan Silkowitz and $15k allocation funds to Bay FC in return for centerback Kayla Sharples. Once the team returned to the regular season post-Olympics, the squad only allowed nine goals in 10 matches. The newly acquired trio quickly became the core of the defense and started together throughout the playoffs. 

3. North Carolina Courage

The Courage got started early with the secondary signings, getting the Australian duo of forward Cortnee Vine and defender Charlotte McLean signed to multi-year contracts in mid-June ahead of the window opening. (Free Agents can sign at any time, but in order to play the Secondary Window needed to officially open in order to accept their International Transfer Certificates). North Carolina also made midfielder Manaka Matsukubo’s loan a permanent transfer, adding to the strength of the midfield for the back-half of the regular season. The Courage also added 19-year old Brazilian forward Aline Gomes and traded Gotham for 2024 first-round draft pick Maycee Bell. 

4. Bay FC

The expansion-side didn’t start being active in the secondary window until there were just five days left, but that didn’t stop them from making big moves. First, they acquired defender Abby Dahlkemper from the San Diego Wave for $50k in allocation funds. Then they traded defender Kayla Sharples to Kansas City in return for goalkeeper Jordan Silkowitz and $15k allocation money. Lastly, on the final day of the window, Bay traded for forward Penelope Hocking from Chicago Stars for $250k in transfer funds in 2024, and $100k in 2025. Bay FC ended up becoming the second-ever expansion side to qualify for playoffs in their inaugural season. 

5. Chicago Stars

The Red Stars had two player additions in the secondary window, the signing of Canadian midfielder Julia Grosso – who had just spent two and a half seasons with Italian-side Juventus – and Brazilian forward Ludmila - who had just completed her seventh season with Spanish-side Atletico Madrid. On top of impressive club careers, both players have impressive international experience to bring to the squad as well. Chicago’s consistency throughout the season oscillated, especially with the loss of Sam Staab due to a SEI mid-June. With their first offseason in Chicago under their belts, it’ll be fun to watch. 

The Sacramento Kings got creative with their exceptions to add a long-wanted backup for Domantas Sabonis. The Washington Wizards picked up some additional draft capital for moving along a short-term veteran.

Here are the particulars:

Sacramento Kings acquire: Jonas Valanciunas

Washington Wizards acquire: Sidy Cissoko, 2028 Nuggets second-round pick, 2029 Kings second-round pick

Let’s dive in!

Sacramento Kings

Incoming salary: $9.9 million in 2024-25

• Jonas Valanciunas (C, three years, $30.3 million (final season non-guaranteed))

Outgoing salary: $1.9 million in 2024-25

• Sidy Cissoko (SF/PF, two years, $4.1 million (2025-26 non-guaranteed))

The Kings had been searching for a viable backup for Domantas Sabonis for a few years. Alex Len has been serviceable, but is more of a third string center. Trey Lyles does what he can, but he’s a pure stretch four.

Jonas Valanciunas should more than capably fill that backup role. There are even some potential lineups constructions where Valanciunas could play alongside Sabonis in a double-big look.

This season, Valanciunas has adapted well to being a backup on the rebuilding Wizards. The veteran center is still an effective scorer, screener and rebounder. Washington mostly used him as a protector for Alex Sarr and to help set a tone off the bench.

With the Kings, Valanciunas will probably play less than he did with the Wizards. But less may be more, as Valanciunas should be able to play his physical, rugged style without worry of foul trouble or conserving energy for longer minutes.

The mechanism used to acquire Valanciunas saw Sacramento take advantage of the new rules that allowed them to use a portion of their Non-Taxpayer MLE as a Traded Player Exception. That allows the Kings to keep the big $16.8 million TPE that they created in the Kevin Huerter trade whole. Considering the MLE expires at the end of the season, this is solid use of it as a TPE.

Sacramento still has two open roster spots. They’ll have to fill one within the next couple of weeks. The Kings are about $2.5 million under the luxury tax, which will act as a de facto hard cap for the team.

While Sacramento isn’t quite good enough to pay the tax for this group, they have improved their team quite a bit over the last few days. That’s a hard needle to thread when you trade a former franchise player, but the Kings have pulled it off.

Washington Wizards

Incoming salary: $1.9 million in 2024-25

• Sidy Cissoko (SF/PF, two years, $4.1 million (2025-26 non-guaranteed))

Outgoing salary: $9.9 million in 2024-25

• Jonas Valanciunas (C, three years, $30.3 million (final season non-guaranteed))

We aren’t going to focus much on getting Sidy Cissoko for the Wizards. Reports are that he’ll be waived, if he’s not moved in a subsequent trade before the deadline.

This deal for Washington was about adding some additional draft capital. Jonas Valanciunas didn’t turn into a first-round pick, but getting two seconds for him is solid work.

The Wizards are still in the early stages of their rebuild. That means collecting assets. This one came in somewhat unconventional means, as Valanciunas was added via sign-and-trade this past offseason. But that’s the kind of creative, forward-thinking move you have to make when rebuilding.

The time Valanciunas spent in Washington also allowed the team to not have to force Alex Sarr to start at center until he was ready. And going against Valanciunas in practices for a half-season has helped Sarr.

With Valanciunas off the books, the Wizards project to be a cap space team this coming offseason. Effectively, Washington is shedding $10 million off their 2025-26 books by trading Valanciunas, but they’ll likely take on around that much when they complete the trade that swaps Khris Middleton for Kyle Kuzma.

It wouldn’t be an NBA trade deadline without Sam Presti coming away with at least one future draft pick. That’s exactly what happened, as the Oklahoma City Thunder and New Orleans Pelicans linked up in a small deal.

Here are the particulars:

Oklahoma City Thunder acquire: Daniel Theis, less favorable 2031 Pelicans or Magic second-round pick

New Orleans Pelicans acquire: Cash

Let’s dive in!

Oklahoma City Thunder

Incoming salary: $2.1 million in 2024-25

• Daniel Theis (C, one year, $2.1 million)

Outgoing salary: None

This is a pretty simple deal for both teams. The Thunder are using some of their considerable space under the luxury tax to eat Theis’ contract, while adding yet another second-round pick.

Theis will probably stick in Oklahoma City, at least until Chet Holmgren returns. Theis gives the team solid center depth behind Isaiah Hartenstein and Jaylin Williams.

When Holmgren is back, the Thunder could move on from Theis to free up a roster spot to convert two-way player Ajay Mitchell to a standard contract. Mitchell was in line for the promotion before suffering a turf toe injury. The rookie guard is out for several more weeks, as he recovers from a surgical procedure for the injury.

The pick the Thunder are getting in this trade is so far off, that it’s impossible to know what it will be. But Oklahoma City previously had only their own second-round pick in 2031, and that just couldn’t stand. Now, Sam Presti has the requisite extra pick that he must have in every round of every draft.

New Orleans Pelicans

Incoming salary: None

Outgoing salary: $2.1 million in 2024-25

• Daniel Theis (C, one year, $2.1 million)

The New Orleans Pelicans streak of never paying the luxury tax in franchise history will continue. By moving Theis, and with Dejounte Murray set to miss out on some currently likely bonuses due to missing the rest of the season, the Pelicans will dip below the tax line.

Expect New Orleans to use some of their newfound room beneath the tax to convert Brandon Boston Jr. to a standard contract. Boston has played well for the injury-ravaged Pelicans and they’d like to have him on a longer-term deal.

Paying the price of a second to dodge the tax is worth it for the Pelicans. The team isn’t anywhere near contention this year, and there’s a chance that New Orleans will be expensive down the line. It’s best to put some extra cash, via both this trade and the upcoming luxury tax disbursement, in ownership’s coffers now. Then, if the tax can’t be avoided down the line when the team is back in as a playoff contender, hopefully they’ll have bought some goodwill and the go-ahead to stay over the tax.

Tee Higgins, a 2nd round draft pick out of Clemson back in 2020 could finally find himself on the open market this March. The barely 26-year-old was franchise tagged by the Bengals in 2024, earning $21,816,000 in his 5th NFL season. Spotrac dives into the future contract status for Higgins as the 2025 league year approaches.

The Second Franchise Tag

While the Bengals have big fish to fry this offseason (a record-setting Ja’Marr Chase extension, keeping Trey Hendrickson happy, completely rebuilding the defense, etc…) tagging Higgins for the second straight season isn’t THAT financially crazy.

Franchise tagging a player for the second time comes at a 120% increase of their first tag, or in Higgins’ case, $26,179,200.

The Bengals enter 2025 with $234M of cap allocated for 55/90 contracts, giving them around $49M of Top 51 cap space. A base salary conversion on QB Joe Burrow’s contract can free up another $19.2M, while an extension for WR Ja'Marr Chase will almost certainly lower his current $21.8M cap figure as well. Those two moves alone should be enough to account for a second Higgins tag to begin the league year.

With this said, Higgins and his camp won’t be pleased with the restrictive move, and it’s highly unlikely that the tag is signed at any point in time. The Bengals could look to shop Higgins, seeking a deal that would bring back a bigger return than the single compensatory draft pick that would come from simply letting him walk in free agency this March. This route can be risky, as Higgins will need to sign the franchise tag in order to process the trade, meaning he’ll get to pick/choose his next destination. It also requires teams to have ample cap space to be able to take on the $26.2M tag number.

Still, with a weak free agent market for WRs, and a potentially underwhelming draft class for the position as well, the tag & trade scenario could prove fruitful for the Bengals, and a “best of both worlds” endgame for both sides. The last WR to be tag/traded was Davante Adams from Green Bay to Las Vegas back in 2022. The Packers received a 1st & 2nd round pick in the 2022 draft per the move, and 30-year-old Adams secured a 5 year, $140 million contract extension.

If Higgins is tagged, he would have until July 15, 2025 to come to terms on a multi-year extension (with whatever team he happens to be on).

Calculated Market Value

The math hasn’t been kind to Higgins as he approaches his first monster payday. A combination of time missed, drops, and a 4 catch, 65 yards per game average over the past 2 seasons keeps the overall price point somewhat tempered.

At the time of this piece, the calculated value of a Tee Higgins contract according to our system clocks in at 4 years, $102M. Fortunately for Higgins, there are plenty of other factors in play that will certainly amplify these figures.

An Extension to Stay

It’s not inconceivable that the Bengals simply agree to pay both Ja’Marr Chase & Tee Higgins this Spring, however this scenario should be considered highly unlikely for now. Chase has the resume to completely reset this position’s financial market, currently set at $35M per year, $110M guaranteed thanks to Justin Jefferson. So where would Higgins fit in under this?

Two teams have recently locked in their top two wide receivers to big-time contracts: Tyreek Hill & Jaylen Waddle in Miami, A.J. Brown & DeVonta Smith in Philadelphia.

While Brown maxed out, Smith secured 9.8% of the cap last year on his $25M per year extension. If we adjust that to a projected $275M league salary cap in 2025, that would mean a deal right around $27M per year for Higgins, or a 4 year, $108M extension. 

Smith also secured 68% of his new money as guaranteed. For Higgins, this would mean $74M, a big number for a “number 2”, but the precedent that one of the best teams in football has now set. Waddle, by the way, secured $76M practically guaranteed on his 3 year, $85M extension in Miami. In other words, a figure around $75M isn’t out of bounds for Tee Higgins going forward.

Is $108M over the next 4 years, $75M practically guaranteed enough to keep Higgins from hitting the open market this March?

A Free Agent Contract

If Higgins is allowed to hit the open market untethered, the sky is seemingly the limit. However: the largest free agent wide receiver contract ever handed out came last year, Calvin Ridley’s 4 year, $92M contract that included $50M guaranteed. Yes, times have changed, the cap has changed, and players of Higgins’ age and ability rarely get to free agency, but there isn’t a precedent for players to “max-out” on the open market like we see in other sports.

With that said, things are lining up nicely for multiple teams (many with quarterbacks on rookie contracts) to step in and generate a bidding war for Higgins’ services. We’ll factor this momentum into our bottom line.

The most likely foundation point for Higgins in a free market is Brandon Aiyuk’s 4 year, $120 million extension with the 49ers. The deal includes $76M guaranteed for practical purposes, $45M fully guaranteed at signing. In direct comparison over the past two seasons (2023-24 for Higgins, 2022-23 for Aiyuk), the numbers are fairly close, with Aiyuk slightly ahead in almost all of these standard receiving categories, holding a sizable lead over him in touchdowns.
At $30M per year, Aiyuk secured 11.7% of the 2024 salary cap on an average basis. If we assume a $275M salary cap in 2025, this represents a $32.1M APY for a WR with similar comparables.

So here’s the million-dollar question: Does the combination of Tee Higgins’ resume PLUS the idea of a free agent bidding war, warrant a cap-adjusted increase of the Brandon Aiyuk contract? Yes. If teams such as New England, Washington, Denver, Atlanta, etc…will all collectively be making offers, it stands to reason that (at least) one will go above and beyond mathematical logic to get their guy.

Using Spotrac’s Free Agent Contract Builder tool, here’s our latest full breakdown projection for Tee Higgins this coming March:


It’s a 4 year, $124 million contract that includes $59.25M fully guaranteed at signing (3rd among WRs). The $31M per year APY would rank him 4th, while a $74.25M practical guarantee over the next 3 seasons would be 9th most.

The deal has a whopping $91M cash built into the first three seasons, 4th most among WRs and WELL ahead of Brandon Aiyuk ($76M). A double-bonus structure ($28.8M signing bonus, $28M 2026 option bonus) plus the use of void years keep the cap hits at bay early on, with conversion possibilities built into 2027 as needed.

It’s a 3 year, $91M contract for practical purposes, a huge upgrade for a player that has never mathematically approached a $30M valuation in our system. But supply, demand, and rookie QB contracts are real, and in cases like this, they can be spectacular too.

The Dallas Mavericks used some of their newly acquired wing depth to make a trade for more size on the perimeter, along with cap-sheet surety. The Philadelphia 76ers picked up a younger player, who fits no matter what direction the team takes at the trade deadline and moving forward.

Here are the particulars:

Dallas Mavericks acquire: Caleb Martin

Philadelphia 76ers acquire: Quentin Grimes, 2025 76ers second-round pick

Let’s dive in!

Dallas Mavericks

Incoming salary: $8.1 million in 2024-25

• Caleb Martin (SF/PF, four years, $35 million (final season player option))

Outgoing salary: $4.3 million in 2024-25

• Quentin Grimes (SG, one year, $4.3 million)

After acquiring Max Christie in the Luka Doncic for Anthony Davis trade, Quentin Grimes was expendable for the Mavericks. Grimes and Christie overlap in position and role, as both are 3&D wings for the Mavericks. The advantage with Christie is that he’s already signed to a team-friendly contract for the next few seasons.

Grimes is a pending restricted free agent. Dallas and Grimes were unable to come to an agreement on a rookie scale extension this past offseason. That left his status up in the air, as Grimes is headed into restricted free agency this offseason.

Valuations for Grimes vary around the NBA. Some teams are worried about his injury history, and inconsistent production. Other teams value his plug-and-play ability as a good shooter that can defend all three perimeter positions. That lands Grimes as an MLE-plus player, in terms of his projected next contract.

That means Grimes could expect a first-year salary between the MLE amount (projected to be just over $14 million for 2025-26) and around $15 million. Given that Christie is signed for just $7.7 million next season, it’s easy to see why Dallas moved on.

The Mavericks have a big contractual item to work out with Kyrie Irving this offseason. That’s in addition to rebuilding the roster around a re-signed Irving and the newly-acquired Davis. That’s where adding Caleb Martin comes in.

Martin and Christie combine to make slightly more than Grimes projects to in 2025-26. In addition, both Martin and Christie are under contract through at least 2026-27. That’s the kind of surety that Dallas wants as they navigate in a post-Doncic world.

On the court, Martin brings more size than Grimes. While Grimes is more of a small wing/combo guard defensively, Martin is a big wing/combo forward. Grimes has been a lights-out shooter this season, only recent dipping below 40% on 4.3 three-point attempts per game. Martin won’t shoot quite that well, or on that kind of volume. Martin is at 38% this year, but that’s a bit above his career average. Martin’s defense has also slipped a bit this season, but he’s still a solid defender.

The big thing here is that Dallas now has a clear runway to minutes for Christie. Instead of Christie and Grimes competing for playing time, the new addition can step right into a rotation role. Christie projects to be just as good of a shooter as Grimes, and he has a bit more size. The soon-to-be 22-year-old has also flashed a few on-ball skills too. That will allow Martin to slot into a forward rotation that will feature Davis, Naji Marshall, Klay Thompson and P.J. Washington, pending any forthcoming trades.

In an uncertain environment moving forward, as Dallas retools from their mega-trade, this deal brings some security to Jason Kidd’s wing rotation. That’s worth something, even if giving up Grimes is tough to swallow.

Philadelphia 76ers

Incoming salary: $4.3 million in 2024-25

• Quentin Grimes (SG, one year, $4.3 million)

Outgoing salary: $8.1 million in 2024-25

• Caleb Martin (SF/PF, four years, $35 million (final season player option))

This is a move that can benefit the Sixers right now, as well as having some staying power for years to come. Philadelphia’s roster could be in transition from this trade deadline through the offseason. With the emergence of Ricky Council IV and Justin Edwards as younger bigger wings, the Sixers didn’t have as much need for Caleb Martin moving forward.

Adding Quentin Grimes’ defense and shooting to the backcourt fills a bigger need for Philadelphia. The Sixers have been light on backcourt defense this season. Tyrese Maxey is carrying such a heavy offensive load, that his defense has slipped a bit. Eric Gordon is on the floor for his shooting and scoring, not his defense. The team’s best backcourt defender has been Kyle Lowry…which says quite a bit at this point.

Grimes will immediately upgrade the perimeter defense. He can guard either backcourt position, plus smaller wings. In addition, Grimes’ shooting is a nice get for Nick Nurse’s rotation.

On the cap sheet, the Sixers should be in position to retain Grimes long-term. He’s young enough to fit if Philadelphia pivots to trading out some veterans ahead of the deadline. He’s also good enough right now to fit if the 76ers pursue upgrades to make a playoff push. Grimes will probably make almost double what Martin was expected to for 2025-26, but the Sixers have enough other money coming off the books to make that palatable. Having Grimes’ restricted free agent rights will also help Philadelphia to control his free agency process.

In addition, this move dropped the Sixers below the first apron. That gives the team a bit of extra flexibility in trades before the deadline. If Philadelphia stays below the first apron, they’ll have the added benefit of being able to pursue any player that hits the buyout market. Remember: apron teams can’t sign a player after a buyout if that player’s previous salary was more than the Non-Taxpayer MLE (approximately $12.8 million).

This is a good move for the Sixers. Martin is a nice player, but his place on the roster was starting to feel pretty tenuous. Grimes is a better bet moving forward, even after factoring in that he needs a new contract. In fact, don’t be surprised if Grimes emerges as the long-term backcourt running mate for Maxey, as their skill-sets mesh quite well.

Luka Doncic is a Los Angeles Laker.

That still seems crazy to read, but here we are.

In the immediate, the Lakers will be figuring out how to incorporate Doncic alongside LeBron James, while trying to add complementary talent around the two stars. But this move was more about the future in Los Angeles than it was about the present.

That future involves Luka Doncic’s next contract. But before we get there, let’s look at what Doncic was in line for with the Dallas Mavericks.

To set the stage, here’s what’s left on Doncic’s current deal:

• 2024-25: $43,031,940
• 2025-26: $45,999,167
• 2026-27: $48,967,380 (player option)

Doncic becomes extension-eligible this summer. The expectation has long been that he’d opt out of his current deal and start a new one in 2026-27. That was expected to be a Designated Veteran Player Extension (DVPE) with the Mavericks. That deal projected to look like this:

• 2026-27: $59,539,200
• 2027-28: $64,302,336
• 2028-29: $69,065,472
• 2029-30: $73,828,608
• 2030-31: $78,591,744
• Total: five years, $345,327,360

That’s a 35% of the cap max with 8% raises. It’s very likely the final season would have included a player option, as someone of Doncic’s status always commands a player option.

Unfortunately, that’s no longer on the table. In order to qualify for the DVPE, a player has to meet awards requirements (All-NBA, MVP or Defensive Player of the Year). No issue for Doncic, as he’s an All-NBA guy without any worry.

However, a player can only get a DVPE in a deal from the team that drafted them, or acquired them while they were still on their rookie scale deal. Having been traded to the Lakers, that’s now out the window for Doncic.

So, where does that leave Doncic and the Lakers? Let’s dive in!

The Veteran Extension

Doncic is eligible to sign a standard Veteran Extension with the Lakers. Let’s assume that he’s still going to opt out for 2026-27, so we’ll start there. Doncic is eligible this summer (after six months have passed from the trade to the Los Angeles) to sign an extension that can start at 140% of his previous salary in the final year of his current contract. That would take him over his max salary. So, he’ll start that deal at the max he’s eligible for. The Veteran Extension for Doncic projects to look like this:

• 2026-27: $51,033,600
• 2027-28: $55,116,288
• 2028-29: $59,198,976
• 2029-30: $63,281,664
• Total: four years, $228,630,528

That’s a 30% of the cap max with 8% raises. Doncic would be limited to signing for just four years, because a Veteran Extension plus what’s remaining on the contract can run for no longer than five total seasons. Like with any deal Doncic is going to sign, he’ll likely have a player option on the final season.

If we do a four-year-to-four-year comparison, Doncic would lose roughly $46 million in this structure vs the DVPE from the Mavericks.

That’s a pretty big chunk of change. But there’s a way Doncic can recoup some of that lost salary, while still locking in security long-term. Let’s go there next.

The “Donovan Mitchell” Extension

When the Cleveland Cavaliers traded for Donovan Mitchell, they hoped he’d be happy enough with the team that he’d extend. Like Luka Doncic, Mitchell also lost ability to sign a DVPE when he was traded from the Utah Jazz. However, Mitchell and the Cavs got creative, kind of split the difference and made the best of their now mutual situation.

Instead of locking in for every year and dollar he could on a Veteran Extension, Mitchell signed a shorter-term extension. That deal gives Mitchell the ability to opt out when he has achieved 10 Years of Service. Then, he’s eligible to sign a new deal starting at 35% of the cap.

Here’s what that would look like for Doncic on a shorter-term Veteran Extension with the Lakers. This assumes the same strategy of opting out for the 2026-27 season as the Veteran Extension did:

• 2026-27: $51,033,600
• 2027-28: $55,116,288
• 2028-29: $59,198,976 (player option)
• Total: three years, $165,348,864

Now, here you can see we included the player option on the final season. That’s because that’s the only way this works. For Doncic, after the 2027-28 season completes, he’ll have 10 Years of Service. He could then opt out and sign a five-year deal that would start at 35% of the cap.

It’s a little wonky to look that far out, because we don’t have a great handle on how the cap will continue to grow. But that new deal in 2028-29 projects to look like this:

• 2028-29: $72,042,250
• 2029-30: $77,805,630
• 2030-31: $83,569,010
• 2031-32: $89,332,390
• 2032-33: $95,095,770
• Total: five years, $417,845,050

That’s 35% of the cap max with 8% raises. And, sure, Doncic will probably get a player option and have one more chance to cash in when he’s 33 years old in 2032.

Let’s pause here to say: We have no idea what the cap growth will be by the time we get to 2028-29. That’s the final season of the current CBA, barring something very unexpected. But this is still in the range of what Doncic could sign for, if he did the shorter-term extension like Mitchell.

Re-signing with the Lakers as a free agent

Let’s say Luka Doncic decides to play out his current contract and then to re-sign on a new deal with the Los Angeles Lakers. As unlikely as that path is, here’s what that contract could look like:

• 2026-27: $51,033,600
• 2027-28: $55,116,288
• 2028-29: $59,198,976
• 2029-30: $63,281,664
• 2020-31: $67,364,352
• Total: five years, $295,994,880

This is the same 30% of the cap first-year salary as Doncic could get by signing a Veteran Extension. It also includes 8% raises. The only difference is the addition of a fifth year, which Doncic can only get by re-signing as a free agent with the Lakers. And, say it with me, that final season would likely be a player option.

Signing with another team as a free agent

Let’s say things go completely sideways for Luka Doncic in Los Angeles and he’s on the first plane out of town in 2026. This is probably the second-least likely scenario behind simply re-signing as a free agent with the Lakers, because Doncic is far more likely to extend. But for comparison’s sake, here’s what he could sign for with another team as a free agent:

• 2026-27: $51,033,600
• 2027-28: $53,585,280
• 2028-29: $56,136,960
• 2029-30: $58,688,640
• Total: four years, $219,444,480

The starting salary is the same as extending or re-signing at 30% of the cap. But this deal has only 5% raises and can run for only four seasons. And, you guessed it, the final season would likely be a player option.

Summary

Luka Doncic is going to get paid and paid handsomely on his next contract. It won’t be the so-called supermax, as he’s no longer eligible. But Doncic is still going to sign one of the biggest contracts in NBA history.

We rank the likelihood of each potential deal this way:

1. The “Donovan Mitchell” Extension
2. The Veteran Extension
3. Signing with another team as a free agent
4. Re-signing with the Lakers as a free agent

If we run the 2026-27 through 2029-30 four-year-to-four-year comparisons for each scenario we get:

• The “Donovan Mitchell” Extension: $237,391,114
• The Veteran Extension: $228,630,528
• Signing with another team as a free agent: $219,444,480
• Re-signing with the Lakers as a free agent: $228,630,528

As you can see: The “Donovan Mitchell” Extension is the most lucrative option. In addition, that comes with the added benefit of running through 2033 at a projected final-season salary of over $95 million. A truly mind-bending, yet forthcoming, single-season salary figure.

Doncic can’t really get more money by signing a Veteran Extension with the Lakers, as opposed to re-signing with the Lakers a free agent. This is especially true, when you factor in that he’s likely to opt out of the final year of any deal anyway. By extending, Doncic locks in that security a year early, which is always something players look to do. So, why wait to re-sign vs extending?

And, of course, if Doncic wanted to leave town, he’d be leaving a decent chunk of money on the table. That’s only happening if things really go wrong for him in Los Angeles. At that point, losing some money won’t be all that big of a concern.

Signing a shorter-term “Donovan Mitchell” Extension is what makes the most sense for Luka Doncic. Given that the Los Angeles Lakers have never balked at paying one of their own star players, that’s the best bet on how Doncic and the Lakers move forward. If we get to early-August, when Doncic will be eligible to extend, and we hear that he’s signed a three-year extension worth a projected $165 million, then things are set up for Doncic to really cash in with a five-year 35% of the cap max starting in 2028-29.