Philadelphia 76ers forward Paul Reed signed a three-year, $23 million offer sheet with the Utah Jazz on Saturday, his agent Ron Shade of Octagon Basketball confirmed to ESPN's Adrian Wojnarowski.

The restricted free agent signed the offer sheet on Saturday morning. The Sixers will now have until just before midnight on Sunday to match the contract, or else Reed will be the newest member of the Jazz on Monday.

The offer sheet does contain one interesting caveat, Woj reports.

“One term of the offer sheet contains a unique twist: The first season of the contract is fully guaranteed, while the following two seasons become guaranteed if Reed's team advances to the conference semifinals in 2023-24,” he wrote on Saturday.

“Given where the two franchises stand, it is more likely the Sixers would have to guarantee the $15.7 million total for the 2024-25 and 2025-26 seasons than the Jazz.”

If Philadelphia does choose to match the offer sheet, it will put them above the $165 million luxury tax, incurring them an additional $14 million in luxury tax penalties, per Woj. If Reed does end up remaining in Pennsylvania, he will have veto power on trades for one year.

He played 69 games for the Sixers last season, including four starts. He averaged 11.8 points and 11.5 rebounds, ranking in the top 10 in offensive rebounding percentage, per ESPN Stats & Information.

The former 58th overall pick in the 2020 NBA Draft, Reed scored 10 points and added 15 rebounds in his first playoff start, Game 4 against the Brooklyn Nets. He was the first Sixers player to score 15 points in his postseason debut since Samuel Dalembert in 2005, per Woj.

It will be intriguing to see whether Paul Reed remains a Philadelphia 76er, or if he will be off to the Utah Jazz come Monday.