Paul Reed signs three-year offer sheet with Jazz

Paul Reed signs three-year offer sheet with Jazz

Restricted free agent Paul Reed has signed a three-year offer sheet with the Utah Jazz, NBA insider Shams Charania of The Athletic was first to report Saturday. Per multiple reports, the contract is expected to be worth around $23-$24 million.

The Philadelphia 76ers will have until 11:59 p.m. EST on Sunday, July 9, to match the offer sheet.

Restricted free agent Paul Reed — aka BBall Paul — is signing a three-year, $24 million contract offer sheet with the Utah Jazz, sources tell @TheAthletic @Stadium. Agent Ron Shade of Octagon negotiated the new deal. pic.twitter.com/gQhCNVvIiV

— Shams Charania (@ShamsCharania) July 8, 2023

Regardless of the exact dollar amount, Reed, informally known as “B-ball Paul,” would presumably be receiving most of the $7.7 million room exception from Utah.

Reed, 24, averaged 4.2 points and 3.8 rebounds in 10.9 minutes per game last season, appearing in 69 games (two starts). The hyper-energic big, in 16 games without Joel Embiid, averaged 8.2 points and 6.7 rebounds on 72.3 percent true shooting in 17.3 minutes per game.

The 76ers could match, but would exceed the luxury tax that could cost them at least $14 million in repeater tax dollars, per ESPN’s Adrian Wojnarowski. Philadelphia would be able to escape that with a James Harden and/or Tobias Harris trade. The Jazz also lumped in a very funny, absurd incentive into Reed’s contract: The year first year of his contract is fully guaranteed and the final two are only guaranteed if his team advances past the first round in 2023-24.

Looks like the Jazz are going for it, eh?

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.

— Adrian Wojnarowski (@wojespn) July 8, 2023

Philadelphia has already inked two backup bigs this offseason for the minimum in Montrezl Harrell and 7-footer Mo Bamba. So it doesn’t feel too likely it matches the offer sheet because of the logjam it would create in the frontcourt.

This is a breaking news story. Stay tuned for updates.

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