NBA free agency: 5 winners, 3 losers from offseason deals so far

Kyle Terada-USA TODAY Sports

Here are the biggest winners and losers of NBA free agency so far.

The opening days of NBA free agency saw players sign for more than $2.6 billion in guaranteed contracts. Most of that money was from teams retaining their own players, highlighted by max extensions for LaMelo Ball and Tyrese Haliburton that could total more than $250 million.

The biggest stories of NBA free agency are still evolving. Damian Lillard finally delivered a trade request to the Portland Trail Blazers. He’s reportedly hoping to land on the Miami Heat, but the Blazers are resolved to make the best deal for the team regardless of Lillard’s preferences. The Philadelphia 76ers are stuck in a similar bind: James Harden requested a trade after opting in to his $36.5 million player option, and his wandering eye is on the Los Angeles Clippers. The Sixers are reportedly set to play hardball knowing they have to nail this trade to save the rest of the Joel Embiid era.

For the latest on NBA free agency, follow our live tracker with every signing and trade in the league this summer. Also check out our list of the best remaining free agents. Now, let’s look at the early winners and losers in free agency.

Winner: The Phoenix Suns’ bench

The Suns made the first big move of the offseason by trading for Bradley Beal and the final four years, $207.6 million remaining on his contract. The Suns were extremely limited in how they could fill out the rest of the roster around Kevin Durant, Devin Booker, Deandre Ayton, and Beal , but they somehow came away with an impressive haul of talent in free agency that restocks their depth and fortifies them as the strongest contender to the Denver Nuggets in the West.

The Suns got a little bit of everything in free agency. Eric Gordon is a major steal for two years, $6 million. The guard — who turns 35 years old in Dec. — is a three-point threat with deep range and a quick trigger. Yuta Watanabe was brought over from the Brooklyn Nets as a 6’9 three-point sniper who thrived playing with Durant. Keita Bates-Diop comes over from the San Antonio Spurs as a big defensive forward with an improving shooting stroke. Chimezie Metu and Drew Eubanks will add front court depth, while Damion Lee is another knockdown shooter in the backcourt. Athletic wing Josh Okogie was re-signed as well after some nice moments in the playoffs.

The Suns’ depth was their big concern after the Beal trade. They did about as well as possible given their cap constraints.

Loser: James Harden

James Harden left about $15 million on the table when he took a pay cut to help the Philadelphia 76ers fill out the rest of roster last offseason. The thought at the time was that the Sixers would reward Harden with a lucrative extension this summer, but that’s not what happened. After another flameout in the playoffs, the Sixers decided they weren’t going to give Harden the deal he was looking for. Harden then opted into his $36.5 million player option and requested a trade.

Harden reportedly wants to land on the Los Angeles Clippers, but the Sixers don’t afford to just give him away. Philadelphia executive Daryl Morey reportedly has a sky-high asking price for Harden, leading to speculation that he could eventually return to the Sixers. Morey knows he has to nail this trade if the Sixers are ever going to build a real championship contender around Joel Embiid, but Harden doesn’t appear to be valued as a max player around the league.

Harden can’t exactly tank his way out of Philly like he once did in Houston if he wants to sign a huge contract next summer. It’s a thorny situation for both the player and the team, and there doesn’t appear to be an easy ending in sight.

Winner: Fred VanVleet and Dillon Brooks

The Houston Rockets entered free agency with a league-high $60 million in available cap space. Houston has been one of the worst teams in the NBA since trading Harden in early 2021, and the team was determined to load up on veteran talent to complement its young core. The Rockets came away with Fred VanVleet and Dillon Brooks after offering both players a huge bag of cash that far exceeded offers elsewhere.

VanVleet agreed to a three-year, $130 million deal with a team option on the final year. The Toronto Raptors wanted to retain their point guard, but they couldn’t compete with an offer exceeding $43 million per year. The Brooks deal might be even more stunning. After the Memphis Grizzlies made it known they didn’t want him back, the Rockets still gave the Brooks $80 million over four years. It might be the most head-scratching deal of the offseason. Brooks earned Second-Team All-Defense honors last season for his ability as a wing stopper, but he’s a poor shooter who takes way too many shots.

No one would have expected VanVleet and Brooks to pull in such gigantic paydays at the onset of free agency. It pays to hit the market when a rebuilding team is desperate for quick improvement.

Loser: Portland Trail Blazers

Damian Lillard and the Portland Trail Blazers’ front office were at odds from the moment the team landed the No. 3 overall pick in the draft lottery. Lillard wanted the pick traded for immediate veteran help, but Portland brass reportedly rejected all offers. After the Blazers selected another small guard in Scoot Henderson, it was on Lillard to decide if he wanted to continue to stick it out with the franchise or finally put in the trade request people around the league have long been waiting for.

Lillard made his decision on the second day of free agency: he wants out from Portland, and hopes to land with the Miami Heat. The Blazers front office reportedly won’t hand-deliver him to the Heat, instead choosing to shop for the best deal. Lillard is going to get traded eventually it seems, but it’s hard to imagine there’s a package out there that can return equal value.

The day before Lillard put in his trade request, the Blazers agreed to a five-year, $160 million deal with Jerami Grant. That now looks like a major overpay for a team that will likely be tanking down to the bottom of the standings for the third straight season.

Lillard is probably the greatest player in Blazers franchise history. He was supposed to retire in Portland. There is now a massive amount of pressure on the Blazers’ front office to get great value in return. They better hope Henderson and Shaedon Sharpe reach their sky-high ceilings, too. Losing a player like Lillard will amount to a swift kick in the stomach for the fanbase, but ultimately these Blazers were always more than one move away from real contention.

Loser: Cap space

It wasn’t long ago that teams would spend years carefully planning to open up cap space at the right time to get in the mix for top free agents. These days, all cap space gets you in the offseason is the opportunity to overpay Fred VanVleet and Dillon Brooks, or the chance to take on a bad contract for a couple second round picks or a slight move up the first round.

Eight teams entered the offseason with real cap space this summer, and only the Rockets used it to make major additions that they still came at a premium in terms of cost. The Pistons used their cap space to take on Joe Harris and Monte Morris as salary dumps. The Thunder used their cap space to take on Davis Bertans’ albatross contract in return for moving up from No. 12 to No. 10 in the 2023 NBA Draft. Orlando did nothing but overpay Joe Ingles this offseason, while the Jazz used their space to take on a salary dump in John Collins that can actually help their team.

Most stars are just going to re-sign with their incumbent team these days because they can get more money that way. At least when they eventually ask out like Harden and Lillard, their clubs will get something in return for their exit. It will be fascinating to see if the new CBA rules eventually make cap space more valuable again, but far now it feels like opening up cap space is outdated team-building strategy.

Winner: The Pacers

Okay, there was one team that used its cap space well. The Indiana Pacers struck one of the most surprising deals of free agency by inking Bruce Brown to a two-year, $45 million deal. It’s both a brutal blow to the Denver Nuggets’ chances of repeating as champions, and a stunning payday for one of their postseason heroes. While an annual salary of $22.5 million seems like a massive overpay for Brown at first glance (he was making less than $7 million last season), I like it for Indiana for a few different reasons.

For one, Bruce Brown is really good. He gives the Pacers some badly needed point of attack defense on the perimeter, and offensively he can act as the connective tissue between Tyrese Haliburton, Bennedict Mathurin, and Myles Turner. The second year of the contract is also a team option, which essentially allows the Pacers to treat Brown like an expiring contract in trade talks for two seasons.

The Pacers also picked up Obi Toppin from the Knicks for a couple second round picks. He gives Haliburton a vertical spacer who can shoot a little bit, too. Indiana already had a nice young core, and now they complemented them with some good veterans without taking on long-term deals.

Winner: The Knicks’ Villanova connection

Donte DiVincenzo becomes the third former Villanova player to join the Knicks after signing a four-year, $50 million deal. He joins former teammates Josh Hart and Jalen Brunson on the Knicks’ roster.

Now if only the Knicks could add Mikal Bridges, they’d really be cooking. Don’t worry, Hart is is already working on it.

Winner: Former Miami Heat role players

Nothing gets a player paid like a great run in the NBA Playoffs. Just ask Max Strus and Gabe Vincent.

Strus and Vincent were playing on minimum deals for Miami as they helped the team reach the NBA Finals as a No. 8 seed. Both got paid elsewhere for their services: Strus signed a huge four-year, $64 million deal with the Cavs, while Vincent joined the Lakers for the full Mid-Level Exception of $33 million over three years.

The Heat will need to find some new undrafted free agents to develop if they want to maintain their success. Historically, that hasn’t been a problem for Pat Riley and Erik Spoelstra.