What is a veteran minimum contract in the NBA?
With the Brooklyn Nets and LA Lakers looking to put up a better challenge for the NBA championship next season, they have both been linked with players willing to sign a veteran minimum contract in order to chase a ring.
The Lakers, in particular, have already been busy in the free agency window as players flock to play alongside LeBron James and Anthony Davis. Since the franchise has had to deal with salary cap restrictions, they have had to and will continue to rely on the pulling power of their two stars to bring in depth on minimum deals.
In this article, we will examine what a veteran minimum contract is in the NBA and how it has been used.
How can veteran minimum contracts be useful in the NBA?
Veteran minimum contracts are commonplace in the NBA but have been brought into focus in recent years as superteams attract players willing to sacrifice a bigger salary in order to win a ring.
Last season, the Brooklyn Nets signed LaMarcus Aldridge, Jeff Green and Blake Griffin on veteran minimum contracts as they sought depth alongside their three superstars. Although Aldridge would end up retiring from the NBA before the season ended, both Griffin and Green had solid postseason campaigns and have earned bigger contracts this summer.
A veteran minimum contract is the perfect way for organizations to bring in players at a team-friendly price. No team is ineligible from using the minimum salary exception and it does not affect franchises that are above the salary cap limit. They can sign players to a one or two-year deal and can do it multiple times in one campaign.
Players signing a veteran minimum contract can earn varying amounts depending on their years spent in the league. Even if a player had played just two years in the league, they could sign one, but would earn almost a million dollars less than a player who had played in the league for 10+ years last season.
In the 2021 NBA Free Agency window, it is expected that several more players will sign minimum contracts to ring chase. Otto Porter Jr. reportedly turned down a midlevel exception elsewhere to take a minimum deal with the Golden State Warriors.
Meanwhile, the LA Lakers have added Wayne Ellington, Dwight Howard, Trevor Ariza and Kent Bazemore for next season. While the details of their deals have not been released, we can assume they are for the minimum since the Lakers have little salary cap space.
The 2020 NBA champions won't stop there, though, and are strong favorites to sign Carmelo Anthony to a veteran minimum contract in the coming hours or days.