The Philadelphia 76ers retained restricted free agent forward/center Paul Reed on Sunday night by matching a three-year, $23 million offer sheet he signed with the Utah Jazz a day earlier.
While the 76ers did not officially reveal terms of the deal, ESPN reported that the team waited until less than two hours before Sunday’s 11:59 p.m. ET deadline to tell Utah that they had opted to match the sheet.
The contract carried some intrigue since the initial season on the matched offer sheet is fully guaranteed, with Years 2 and 3 to become guaranteed if Reed’s team reaches the conference semifinals in 2023-24 — with those playoff benchmarks seemingly more attainable for the contending 76ers than the rebuilding Jazz.
Additionally, by matching the offer, the 76ers will exceed the league’s $165 million luxury-tax threshold and incur a $14 million penalty, per ESPN.
A second-round pick by Philadelphia in 2020, the 24-year-old Reed averaged 4.2 points and 3.8 rebounds in 69 games (two starts) in 2022-23, his third NBA season.
–Field Level Media