Paul Reed signs three-year. $23M offer sheet with Utah Jazz

Paul Reed
Philadelphia 76ers’ Paul Reed (44) dunks the ball in the first half during Game 2 in the first round of the NBA basketball playoffs against the Brooklyn Nets, Monday, April 17, 2023, in Philadelphia. (AP Photo/Derik Hamilton)

The Philadelphia 76ers may be on the verge of losing another free agent this off-season. Restricted free agent Paul Reed, affectionately known as BBall Paul, has signed a three-year, $23 million offer sheet with the Utah Jazz. Reed signing the offer sheet gives the Sixers until 11:59 PM EST on Sunday night to match to offer and retain his services.

ESPN’s Adrian Wojnarowski brought to light one of the unique terms from the Utah Jazz’s offer sheet to Paul Reed. He notes that the first year of the contract is fully guaranteed, and the following two years become guaranteed at $15.7 million if his team advance to the conference semi-finals. This clause seems to have been put in the contract to deter Philadelphia from matching Reed’s offer. Wojnarowski also pointed out that the Sixers would exceed the luxury tax if they matched the offer.

Thanks to the new CBA, there are now two aprons above the luxury tax line, both with heavy penalties to pay for crossing them. If the Sixers were to match the offer and fill out their remaining roster spots with even two vet minimum players, they would be over the first apron, which is around $7 million over the tax line.

If the Sixers find themselves over the first apron, they will not be able to sign buyout players; they will only be able to match salaries in a trade up to 110 percent, and they will be unable to use any trade exceptions acquired over the previous year until they are under the apron again. The Sixers currently have a trade exception worth $2,448,846 after trading Matisse Thybulle to the Blazers last season.

Is it time to say goodbye to Paul Reed?

Paul Reed really showed that once given consistent opportunities and the ability to learn on the fly, he made a solid impact for a team who lacked athleticism and energy in the second unit. Reed really made a name for himself in the playoffs when he stepped up and started in the place of Joel Embiid while he was injured. He was a good contributor off the bench against the Brooklyn Nets and Boston Celtics. Last season Reed averaged a career-high across the board, and given more opportunity this season, he would only improve.

Paul Reed
Philadelphia 76ers forward Paul Reed (44) shoots over Boston Celtics center Al Horford (42) during the first half of Game 1 in the NBA basketball Eastern Conference semifinals playoff series, Monday, May 1, 2023, in Boston. (AP Photo/Charles Krupa)

This offer sheet just adds another wrinkle of uncertainty to the Sixers’ offseason, dealing with James Harden’s trade request, roster changes, and Tobias Harris trade rumors. Let’s hope that Morey and company see the potential in Paul Reed and match the offer. Losing another homegrown talent just wouldn’t sit right with the city.