NBA Free Agency is always one of the best parts of the NBA offseason and this year was no different. Although teams are not spending even close to the amount of money that has been spent in free agency over the last few seasons, there has still been plenty of money being given out.
Over a billion dollars has been spent within the first 48 hours of 2020 Free Agency, which is way less than it was in the first 24 hours of free agency last season. Last offseason, Fox Business reported that free agency spending topped $3 billion in the first 24 hours. Last year, big names such as Damian Lillard, Ben Simmons, Jamal Murray and C.J. McCollum all signed $20M+ per year contract extensions, along with other All-Star talents signing $150M+ contracts with other teams.
This year, the NBA announced that the financials of the league would be down as a result of the COVID-19 pandemic and the financial loss the league faced last season with no fans in the stands. This year, the salary cap and tax threshold were kept virtually the same from a season ago.
As a result, teams were not able to go out and be big spenders this year like they have been in the past unless they had pre-existing cap room entering this offseason. Also, this free agency class was not as rich with talent as it had been over the years as it was mainly filled with role players.
While many teams addressed some needs for their bench and to fill out their rotation, other teams may have spent way too much money on players they could have signed for a cheaper price. Not only does this have implications on the organizations for this season, but with all the unknowns about the upcoming season and the financial restraints teams may face, some of these contracts may be detrimental to franchise’s success for years to come.
With that being said, let’s take a look at the five worst free agency contracts so far.