Philadelphia 76ers salary cap situation after signing Paul George in 2024 NBA Free Agency
The Philadelphia 76ers salary cap has drastically changed after 24 hours of free agency. Following another disappointing playoff exit at the hands of the New York Knicks, the 76ers had a goal in mind this summer: build a contender around Joel Embiid and breakout star Tyrese Maxey.
Entering the offseason, they had $74,990,205 in salary cap space. This is a huge number for any team in the league, but the Sixers only had three players under contract when the 2024 offseason started. Joel Embiid, Paul Reed, and Ricky Council IV were the only pieces Nick Nurse had on his team.
Daryl Morey had a strong start to the offseason, securing five deals in the first 24 hours of the free market, landing one of the best free agents of this year, Paul George, on a four-year, $212 million. These moves will cost the Sixers $99,301,368 against the cap. This would mean they will be $24.3 million over the cap entering the 2024-25 NBA season.
The 76ers lost James Harden last season and dispatched his $35.6 million salary to the Californians. After a tumultuous campaign with Joel Embiid missing a chunk of it, they're ready to bounce back and challenge for the title with their new Big 3.
What moves have impacted the 76ers salary cap this offseason?
As stated before, the Sixers already made five moves to start the offseason, starting with the Paul George signing. They also agreed to a contract extension with Tyrese Maxey that will pay him $204 million over five years.
They also agreed to sign Eric Gordon for one year and $3.3 million. Andre Drummond returns to the team on a two-year, $10 million deal from the Chicago Bulls, while Kelly Oubre Jr. extended his stay with the 76ers on a two-year, $16.3 million contract.
The 76ers salary cap has shrunken now. All these moves mean that the Sixers will need to sign or re-sign players using exceptions or veteran-minimum deals. It seems like they have filled in a big part of the roster. Now, it's time to look for the players who can round up the team ahead of a crucial season.
With the Boston Celtics winning the championship and securing key players this offseason, the New York Knicks adding pieces that can move them to the top of the East, the 76ers added a solid star in Paul George.
The 76ers salary cap took a hit with these moves, but they're working to win a championship, which isn't easy or cheap.