The New York Knicks’ consolation prize after missing out on LeBron James will be point guard Raymond Felton.
Two league sources told ESPN.com that the Charlotte Bobcats’ unrestricted free agent reached an agreement in principle Friday on the broad parameters of a contract.
The length of the deal has not yet been agreed upon, but Felton will earn a starting salary in the $7 million range.
Sounds a lot like the $40 million offer Felton turned down last year from the Bobcats.
I don’t like this deal for New York. Not only is this a bad contract but it is a waste of the opportunities cap space can create for New York both in free agency and in the trade market over the next year and a change.
New York still has a good future – Anthony Randolph + Amare Stoudemire + Danilo Gallinari + Wilson Chandler + a lot of cap space this year and next – if they handle their business correctly. No need to make panicked signings like this.
Short term decisions like this only serve to hurt their long term future.
Update: Rumours of this only being a three year contract instead of a five year deal. That is better for New York but still not a good move.
Update: Two sides still negotiating but it looks increasingly likely that the contract will not last longer than three years. Likely a $23 million over three years deal.
Update: The deal has been finalized now.
“Raymond is a top point guard and someone we targeted during the free agency period,” Walsh said. “He is an all-around player, excelling on both sides of the court and a true professional.”
The club did not release the exact figures of the deal but word is that it was a three year deal with a starting salary of $7 million. So about $22.5 million.