Earlier, it was reported by Adrian Wojnarowski of Yahoo Sports that Kenneth Faried and the Denver Nuggets reached an agreement on a five year contract extension worth $60 million. The only problem with that deal, however, is that is was not in accordance with CBA rules. Per Dan Feldman:
Despite Adrian Wojnarowski of Yahoo Sports reporting the contrary, extensions to rookie-scale contracts - with one exception - can be for just four seasons. The exception is when a team makes someone its designated player by giving him a five-year extension to a rookie-scale deal, but designated players must receive a max salary and 7.5 percent annual raises.
For Faried to be the Nuggets' designated player, based on the NBA's projected 2015-16 salary cap, his five-year extension would be worth about $89 million - far more than the reported $60 million.
Now it's clear that the reported contract extension was indeed implausible based on CBA rules as Wojnarowski reveals that the Nuggets and Faried have reworked the original deal. Instead of $60 million for five years, the new agreement is now on $50 million for five years.
Denver Nuggets, Kenneth Faried have reworked extension agreement. Faried will sign a 4-year, $50 million deal, league sources tell Yahoo.
Pro Basketball Talks reveal that, with the revised deal, Faried will sacrifice up to $2 million in guaranteed cash since the initial agreement was a $52 million guaranteed contract. He will, however, benefit from the $500,000 extra money per season in the four-year deal which is still a pretty nice tradeoff.
Indeed, the Kenneth Faried extension with Denver was one that featured a series of bizarre events. From Wojnarowski's original report on the contract extension early Monday morning, to the discovery that the deal was simply implausible under current CBA rules, and now today's final revision. But nevertheless, Kenneth Faried and the Nuggets are surely relieved now that everything is finally behind them. Now both sides can move on in their quest to get back into playoff contention in the brutal Western Conference.
Join the Conversation