If anything has become clear with the new rules and financial implications of NBA free agency, it is that teams are being very careful with how much money they have on their books. In the past, teams utilized free agency as a time to spend their funds freely. Now, all of the teams that entered this free agency period without cap space to spend have been super conservative, with the first and second apron tax lines staring them down. As a result, LeBron James and DeMar DeRozan remain available as the best names in free agency.
However, James, DeRozan, and others have yet to sign new contracts for a variety of reasons. LeBron has been waiting in order to give the Los Angeles Lakers more time to figure out their plans regarding other players they could pursue. DeRozan, who has been a part of those conversations the Lakers had, appears more likely to leave the Chicago Bulls than return at this point. Then there are a variety of intriguing names still seeking long-term commitments, such as Miles Bridges, Caleb Martin, Buddy Hield, and Tyus Jones.
Even with all of the new financial regulations in place, a total of over $2 billion has been spent through the first two days of free agency. If you count the extensions given to Jayson Tatum, Donovan Mitchell, Derrick White, and others, then over $3 billion has been spent by NBA teams this offseason.
It was not too long ago when Tyler Johnson earned a 4-year, $50 million contract from the Miami Heat and Timofey Mozgov earned a 4-year, $64 million contract from the Lakers. Those days of average role players receiving massive contracts are over, as teams are much more passive when it comes to what they are able to do in free agency with the tax apron penalties looming large.
Despite a few teams still having cap space at this juncture, several key names remain on the free agent market heading into Day 3 of free agency.
LeBron James
James is going to be returning to the Lakers. There are no ifs, ands, or buts about this, as LeBron has been waiting to agree on a new contract with the Lakers in hope of the team being able to sign Klay Thompson. Well, Thompson is now with the Dallas Mavericks, and it seems like the only other top option in free agency is DeRozan. The problem there is that both James and DeRozan would need to be willing to take significant pay cuts. It shouldn't be long until James signs another max-level contract containing a player option, possibly allowing LeBron to opt out again next season.
DeMar DeRozan
It would come as a shock to see DeRozan return to the Bulls after failing to agree to any sort of extension with the organization. At the same time, the Bulls can offer DeRozan the most money out of any other team in the league. So far this offseason, Chicago has added Josh Giddey, Jalen Smith, and extended Patrick Williams on a new contract. None of those deals move the needle in terms of the Bulls coming real threats, which is why DeRozan is the best true free agent still on the market. Until he signs, we may not see other deals for some of the next players on this list.
Miles Bridges
Bridges returned to the court during the 2023-24 season for the Charlotte Hornets after sitting out the previous year due to pleading no contest to felony domestic violence. In February, the state of North Carolina dropped three criminal counts against Bridges, putting an end to a dark chapter in his career. The 2023-24 season was a good one for the Hornets forward, as he averaged 21.0 points and 7.3 rebounds per game while shooting 46.2 percent from the floor. The Utah Jazz, Orlando Magic, and Detroit Pistons are the only three teams that still have over $20 million and could look to pursue Bridges if they wanted to. The Hornets still have the ability to re-sign Bridges using his full Bird rights.
Tyus Jones
There is no denying that Tyus Jones is the best point guard available right now. It is a little surprising to see him still available heading into Day 3 of free agency because Jones has proven to be an effective guard both in and out of his team's starting lineup. The Washington Wizards have already added Malcolm Brogdon and rookie Carleton Carrington this offseason, making Jones a potential sign-and-trade candidate for a team looking to move an unwanted contract for an impactful player like Jones.
Caleb Martin
Derrick Jones Jr. and Naji Marshall both received new contracts in free agency ahead of Caleb Martin, which is surprising seeing as the Miami Heat forward was an instrumental part of their run to the 2023 NBA Finals. Martin has averaged 9.6 points and 4.4 rebounds per game over the last three seasons, while also shooting 36.8 percent from deep in this span. A return to the Heat remains possible, as does the idea of a team using their mid-level exception on Martin.
Kyle Lowry
Kyle Lowry has been drawing interest from the Phoenix Suns, who are looking to sign the veteran guard to a minimum contract in order to help lead the backcourt next to Devin Booker, Bradley Beal, and Kevin Durant. Lowry is certainly the best, most experienced guard available for a minimum contract in NBA free agency.
Buddy Hield
Any team looking for three-point shooting that still has access to some funds, either cap space or with an exception, should be wanting Buddy Hield. With the Philadelphia 76ers, Hield proved that he can still be effective in or out of the starting lineup, which is why he could be an excellent buy-low addition for a playoff contender.
Luke Kennard
The Memphis Grizzlies declined Luke Kennard's $14.8 million team option ahead of free agency, yet they still have interest in bringing him back. In 39 games last season, Kennard shot 45.0 percent from three-point range in roughly 25.6 minutes per game.
Isaac Okoro
Isaac Okoro finds himself in an interesting situation since the Cleveland Cavaliers have leverage over his restricted free agency. No teams with cap space have yet to show an interesting Okoro, which is why a return to the Cavs seems likely. Then again, those teams could just be waiting to see who is still available before offering the young swingman an offer sheet.
Saddiq Bey
Expected to enter free agency as a restricted free agent, Saddiq Bey had his qualifying offer rescinded by the Atlanta Hawks, making him an unrestricted free agent. Bey struggled with the Hawks this past season, averaging 13.7 points per game but shooting only 31.6 percent from three-point range. The longer free agency goes on, the longer Bey could wind up being a steal for a team's bench unit.
Precious Achiuwa
With Isaiah Hartenstein going to the Oklahoma City Thunder, the New York Knicks may be forced to keep Precious Achiuwa around. There is a market for Achiuwa right now due to his versatility at both the power forward and center positions. After not extending him a qualifying offer, the Knicks run the risk of losing Achiuwa to a team with a chunk of cap space.
Kyle Anderson
Kyle Anderson is a unique free agent because, while he makes an impact defensively, the Minnesota Timberwolves forward struggles on the offensive end of the court. The 30-year-old is likely departing Minnesota, but what playoff contender will look to sign him? More importantly, what kind of price will Anderson demand coming off a four-year, $37 million contract? It is hard to imagine Anderson making more money on a new contract at this time in NBA free agency.
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