Teams Spent $1.4 Billion (Yes BILLION) on the First Day of NBA Free Agency

kevin love nba free agency spending

The first day of NBA free agency was absolutely insane. Like, first day of NFL free agency insane. If your phone died, or you simply failed to check Twitter for an hour, you probably missed some big deals.

The cause of the frenzy? The salary cap. Or more specifically, the fact that the salary cap is going to increase by about 50% in 2017, going from $67 million to somewhere around $100 million. Because of this, players are opting out of current contracts to maintain flexibility. Meanwhile teams are simultaneously trying to lock in young superstars at (relatively) affordable rates and throwing big money at guys who would have made peanuts two years ago.

Now, we’re not about to run through every single signing that took place. If you want a trade tracker, go here.

What we are going to do is tell you the single biggest mind-blowing fact: according to ESPN Stats & Info, on the first day of free agency NBA teams committed a whopping $1.4 billion to player salaries. That includes seven teams who committed at least $100 million, but does not include the $145 million extension the Pelicans gave Anthony Davis.

Think that’s insane? It’s just the tip of the iceberg. The imminent increase in salary cap will coincide with a huge increase in revenue as the result of lucrative new TV and uniform contracts. Pretty soon, $1.4 billion in a single day is going to seem like nothing.

It’s a very good time to be professional basketball player. Just ask Reggie Miller.

Hat Tip – [ESPN]

Tags: contracts, free agency, NBA, salaries,