Orlando Magic cut G Gilbert Arenas
Orlando uses its one-time amnesty clause right granted in the new CBA to release Arenas and avoid paying the luxury tax on the ridiculous $62 million remaining on his contract for the next three years. I can't imagine there is going to be a huge market for Agent Zero's services. He will likely have to take the league minimum from somebody.
Detroit Pistons cut SG Richard Hamilton
Rip hasn't been a happy camper in Detroit for the past couple years as he has been relegated to bench duty so it is no surprise that the Pistons used the amnesty clause on the more than $25 million left on his contract. Expect a title contender to land Hamilton with part or all of their mid-level exception as he can still bring some scoring punch to a lineup.
New York Knicks sign C Tyson Chandler to 4-year, $58 million contract
The Knicks land one of the most coveted free agents and add a true big man to complement forwards Amare Stoudemire and Carmelo Anthony. Chandler will finally provide New York with a defensive-minded big man who can rebound, block shots and fill up space in the middle, and also allow Amare to stay at his natural power forward position. With this signing, the Knicks now boast one of the best frontcourts in the NBA. Chandler does have a recent injury history which makes this sort of financial commitment a bit risky. What is also interesting is that the Knicks do not have the cap space to simply sign Chandler meaning another transaction will have to be made first, most likely involving Chauncey Billups and Ronny Turiaf.
Philadelphia 76ers re-sign SF Thaddeus Young to 5-year, $43 million contract
A contract of $43 million seems like a lot for a reserve player, but Young is only 23 years old and has a lot of good basketball left in front of him. He was relegated to a reserve role last season which makes $8-plus million a year seem even more absurd. Young was being courted by several other teams so Philly must have been high on him to keep him around for this much.
Sacramento Kings re-sign SG Marcus Thornton to 4-year, $31 million contract
I keep reading different amounts that Thornton has signed for ranging from 4-year, $31 million to 5-year, $40 million, so the details are still sketchy. Thornton thrived in Sacramento after being traded from the Hornets, averaging 21.3 points per game with the Kings. I think he is a terrific complement to the slashing Tyreke Evans due to Thornton's ability to shoot the rock. Sacramento has a ton of free cap space so re-signing a piece of their young nucleus is a wise decision. Add Jimmer Fredette and John Salmons to the backcourt equation and the Kings have a ton of scoring power at guard.
Sacramento Kings sign F/C Chuck Hayes to 4-year, $21 million contract
The undersized Hayes will add some toughness and physicality to the Kings' bench and help replace some of the minutes of the departed Samuel Dalembert. More than $5 million a year does seem a bit pricey but Hayes will know and excel at his role as a rebounder. Sacramento now has solid depth in its frontcourt with DeMarcus Cousins, J.J. Hickson, Jason Thompson, and now Hayes.
Oklahoma City re-sign SG Daequan Cook to 2-year, $7.5 million contract
Cook was a minor role player for the Thunder last season seeing a decent amount of minutes as the second team's backup small forward. Nearly $4 million a year seems like a lot for Cook since Oklahoma City already has a talented, young backcourt. However, Sam Presti is once again showing his determination to keep his own young players, and Cook is only 24 years old.
Boston Celtics trade PF Glen Davis to Orlando Magic for PF Brandon Bass
The deal of former LSU Tigers will involve a sign-and-trade for Davis who is a free agent. Davis has been a solid player for the Celtics but open about his unhappiness in being a role player which made the Celtics hesitant to ink him to a long-term deal. He figures to get see more playing time in Orlando since they lost Tyson Chandler to free agency. Bass is a solid role player and will bring some physicality and energy off the bench in Boston and could possibly earn a starting spot alongside Kevin Garnett in the frontcourt.