Jazz sign Paul Reed to a 3-year, $23M offer sheet
Philadelphia will have time until 11:59pm (ET) on Sunday to match Utah’s proposal and retain the restricted free agent
Philadelphia 76ers restricted free agent F Paul Reed Jr., has signed a three-year, $23M offer sheet with the Utah Jazz, his agent Ron Shade of Octagon Basketball tells ESPN. Sixers have until Sunday at 11:59 PM ET to match sheet and retain Reed.
One of the terms of the offer sheet provides a unique twist: The first season of the contract is fully guaranteed and the two following become guaranteed for $15.7 million if Reed’s team advances to conference semi-finals in the 2023-24 season, sources said.
If Sixers match the sheet, they will exceed the $165M luxury tax threshold and incur an additional $14M in luxury tax penalties.
Reed would have veto power on a trade for a year if he remains with Sixers.