NBA Roundtable

Bulls Sign Redick To Offer Sheet (Update: Magic Match)

In Free Agency on July 9, 2010 at 11:56 pm

The Chicago Tribune reports

Shortly after introducing Duke alum and former Jazz All-Star Carlos Boozer, the Bulls agreed to terms with former Jazz sharpshooter Kyle Korver on a three-year, $15 million deal.

Then late Friday, the Bulls extended a three-year, $19 million offer sheet to Magic restricted free agent J.J. Redick, who also attended Duke. The Magic have seven days to match the front-loaded offer.

If they don’t, Redick joins Boozer and Luol Deng as Duke Blue Devils on the Bulls.

Of more importance, Redick and Korver would present two stretch-the-floor players to address the Bulls’ woeful perimeter shooting and widen driving lanes for Derrick Rose.

Despite one source saying Redick’s offer “would be painful to match,” Magic coach Stan Van Gundy told the Orlando Sentinel on Wednesday that keeping Redick is a priority.

It’ll be interested to see how front loaded that contract is. We’ll have to wait for more details before having an idea about whether Orlando will match it or not.

Update: Otis Smith gives some brief thoughts on the situation

Orlando Magic general manager Otis Smith plans to take “the full seven days” to decide whether to match an offer sheet the Chicago Bulls made for restricted free agent J.J. Redick.

“We like J.J. He is a part of our team,” Smith said. “We would like to keep him. I’m going to take the full seven days to think about it.”

Smith said the offer was about what he expected Redick to command this offseason after teams — most notably Chicago, New York and New Jersey — that didn’t land LeBron James in free agency had money leftover. Redick made more than $3 million last year

“Not surprised at all. There are teams out there with a lot of money,” Smith said.

“I anticipate us doing it [matching Redick’s offer], but I’m not sure,” Smith told the Orlando Sentinel on Saturday. “It’s too early. We’ll talk about it.”

Update: Orlando matches the offer

The Orlando Magic have decided to retain restricted free agent guard J.J. Redick, matching the three-year, $19 million offer sheet he received from the Chicago Bulls last week.

The offer sheet from the Bulls includes a first-year salary of $7 million, which will cost the Magic $14 million next season because of the punitive, dollar-for-dollar luxury tax threshold the Magic will exceed.

Expensive decision by Orlando. Redick isn’t worth the money they are set to pay him but if Orlando’s ownership is happy green lighting excessive spending then I have no issue with JJ’s contract.

ESPN adds

“When it came down to it, when we’re talking about what we’re trying to do here, it came down for me to pedigree, DNA, things that most people don’t think about,” Orlando general manager Otis Smith said. “It was less about the money for me, being the basketball guy, and more about keeping a guy around that we’ve had in our organization for the past four years.”

The decision was ultimately made by ownership.

Orlando should find relief in a new downtown arena that opens this year and creates new revenue streams. Smith also believes a roster that remains one of the deepest in the league is attractive for potential moves and doesn’t mortgage the Magic’s future.

“The fact that we have players that other teams want makes you pretty flexible,” Smith said. “Is it possible to give out contracts and move a little bit less money? Sure. My thing is you don’t want to take a step back with talent.”

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