Chris36Chambers
07-22-2008, 12:10 PM
As expected, the Orlando Magic traded disgruntled guard Keyon Dooling to the New Jersey Nets for a $3.3 million trade exception.
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Monday's sign-and-trade transaction allows Dooling to get a three-year contract starting out at $3.3 million next season. The first two years of the three-year contract are guaranteed at $6.8 million, while the third season offers a guarantee of $500,000.
The Magic have a year to use the $3.3 million trade exception. It allows them to take back a player making up to $3.4 million ($3.3 million plus $100,000) in a trade without having to send matching salaries back in return. The trade exception can't be combined with another player's contract in a bigger trade.
The likelihood is the Magic won't use the trade exception because their payroll has swelled to $68 million this offseason. The NBA's dollar-for-dollar luxury tax kicks in at $71.1 million and Magic general manager Otis Smith has emphatically said Orlando will not exceed the threshold.
One possible scenario could be the Magic dealing the trade exception in a three-team transaction or to a team looking to shed salaries in order to pick up a future first- or second-round draft pick.
"This move allows us some potential flexibility in the future," Smith said in a release. "Keyon did a lot for our organization during his three seasons here. We wish him and his family nothing but the best."
The move comes after a protracted dispute between the Magic and Dooling over the combo guard's worth to the team. Dooling was Orlando's top reserve this past season, averaging 8.1 points and 1.8 assists a game. And when a contract that paid him $3.5 million this past season expired, Dooling said the Magic informed him that his resigning was a top priority this offseason.
But the Magic instead signed shooting guard Mickael Pietrus to a four-year, $25.1 million free-agent deal. They then offered Dooling a two-year, $3.8 million contract, which he promptly turned down. Orlando then used that money to sign veteran point guard Anthony Johnson.
The move to New Jersey reunites Dooling, 28, with former Magic coach Brian Hill, now an assistant with the Nets. Dooling will back up Vince Carter at shooting guard and Devin Harris at point guard. Dooling, a Fort Lauderdale native, chose the Magic over the Nets when he was last a free agent in 2005.
Via
http://www.floridatoday.com/apps/pbcs.dll/article?AID=/20080722/SPORTS/807220322
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Monday's sign-and-trade transaction allows Dooling to get a three-year contract starting out at $3.3 million next season. The first two years of the three-year contract are guaranteed at $6.8 million, while the third season offers a guarantee of $500,000.
The Magic have a year to use the $3.3 million trade exception. It allows them to take back a player making up to $3.4 million ($3.3 million plus $100,000) in a trade without having to send matching salaries back in return. The trade exception can't be combined with another player's contract in a bigger trade.
The likelihood is the Magic won't use the trade exception because their payroll has swelled to $68 million this offseason. The NBA's dollar-for-dollar luxury tax kicks in at $71.1 million and Magic general manager Otis Smith has emphatically said Orlando will not exceed the threshold.
One possible scenario could be the Magic dealing the trade exception in a three-team transaction or to a team looking to shed salaries in order to pick up a future first- or second-round draft pick.
"This move allows us some potential flexibility in the future," Smith said in a release. "Keyon did a lot for our organization during his three seasons here. We wish him and his family nothing but the best."
The move comes after a protracted dispute between the Magic and Dooling over the combo guard's worth to the team. Dooling was Orlando's top reserve this past season, averaging 8.1 points and 1.8 assists a game. And when a contract that paid him $3.5 million this past season expired, Dooling said the Magic informed him that his resigning was a top priority this offseason.
But the Magic instead signed shooting guard Mickael Pietrus to a four-year, $25.1 million free-agent deal. They then offered Dooling a two-year, $3.8 million contract, which he promptly turned down. Orlando then used that money to sign veteran point guard Anthony Johnson.
The move to New Jersey reunites Dooling, 28, with former Magic coach Brian Hill, now an assistant with the Nets. Dooling will back up Vince Carter at shooting guard and Devin Harris at point guard. Dooling, a Fort Lauderdale native, chose the Magic over the Nets when he was last a free agent in 2005.
Via
http://www.floridatoday.com/apps/pbcs.dll/article?AID=/20080722/SPORTS/807220322