Joe Smith claims to have lost $80 million after NBA stripped him for an 'under-the-table' deal with the Wolves
Former No. 1 pick Joe Smith was involved in a scandal early in his career after agreeing to an under-the-table deal with the Minnesota Timberwolves. According to Smith, the illegal deal cost him $80 million.
After being selected No. 1 by the Golden State Warriors in the 1995 NBA draft, Smith played two and a half seasons for the Warriors. He was then traded to the Philadelphia 76ers midway through his third season and played half a season with Philly before becoming a free agent.
Smith was expected to command a lucrative deal in free agency. However, after the 1999 NBA lockout ended, he signed with the Timberwolves for just one year, $1.75 million. The deal afforded Minnesota the financial flexibility to make additional moves that offseason.
However, it was considered very suspicious that a young player would sacrifice his first big payday for the betterment of his team. To make matters more questionable, Smith previously turned down an $80 million contract extension with the Warriors.
However, it turned out that Smith and the Wolves agreed to an under-the-table deal that involved him signing three consecutive minimal one-year deals. This would allow Minnesota to acquire his Bird rights and eventually go over the salary cap to sign him to a lucrative deal.
Unfortunately for Smith and Minnesota, the NBA found out ahead of the 2000 offseason and handed down severe penalties to all involved.
During a recent interview with VladTV, Smith recounted the whole ordeal, saying that it cost him $80 million:
“There was an under-the-table deal done with my agent and the organization without me being involved, but I eventually ended up having to pay the penalty,” Smith said.
“But I mean, it was an under-the-table deal. That one was, I guess, worth $80 million.”
The league discovered the under-the-table deal after a court case between agents and former partners Eric Fleisher and Andrew Miller revealed the corresponding documents:
“Things happened with a partnership where they were splitting and going their separate ways. They had to go to court and get their situation settled,” Smith said.
“It came out in court from one of the agents that that deal was done and that deal was under the table, and all of a sudden, it’s all in the media.”
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Minnesota was fined $3.5 million, with the team being forced to forfeit its first-round draft picks over the next five years. Meanwhile, Smith’s one-year deals with the Wolves were all voided, and Minnesota lost his Bird rights.
Then-Wolves owner Glen Taylor was also suspended until Aug. 31, 2001. Meanwhile, the team’s then-vice president of basketball operations, Kevin McHale, took a leave of absence until July 31.
So, it was a messy situation for all involved.
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Joe Smith says the NBA gave him a choice after Timberwolves scandal
Later in his interview with VladTV, Smith said that the NBA gave him a choice following his Timberwolves scandal.
According to Smith, he could sign a new deal with the Wolves and face a one-year suspension, or he could sign with a new team:
“I had to deal with the consequences of the NBA as far as they gave me a choice,” Smith said.
“Either I could sign back with Minnesota and miss an entire year, or I could sign with someone else and then play that year out, and if I wanted to, I could come back to Minnesota.”
Smith ultimately decided to sign with the Detroit Pistons for one year, $2.25 million in 2000. After his one season in Detroit, he re-signed with the Timberwolves on a six-year, $34 million contract in 2001.
“So I ended up signing with Detroit as a free agent. … Then after I played that season with the Pistons, I came back there and played in Minnesota,” Smith said.
However, Smith’s second tenure with the Wolves didn’t last long, as he was traded to the Milwaukee Bucks just two years later in 2003.
Over four total seasons with Minnesota, Smith averaged 10.3 points, 6.3 rebounds, 1.1 assists, 0.5 steals and 1.1 blocks per game on 46.7% shooting.
Also Read: How good was Joe Smith in the NBA? Stats, records and achievements explored