Tagged in: salary

Miami Heat, Bam Adebayo agree to 5-year max extension

The Miami Heat and Bam Adebayo have agreed to a five-year max extension, Adebayo’s agent, Alex Saratsis, told ESPN’s Zach Lowe on Tuesday.

The deal contains escalator clauses that can take its total to $195 million over five years, Saratsis told ESPN. The contract has not been signed and won’t be until Adebayo finalizes a physical, something that is likely to occur in the next few days.

It will be the richest contract in terms of total value in Heat franchise history, surpassing Jimmy Butler’s $141 million deal from last offseason, according to ESPN Stats & Information research.

“This is an accomplishment I always wanted to get,” Adebayo stated. “Just being able to reach this milestone and being able to generationally change my family’s life and also take care of the people around me, it’s a big deal to me.”

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Adebayo will make $5.1 million this season, the final year of his rookie contract.

From there, the extension will kick in with a starting salary of somewhere around $28.1 million for the 2021-22 season. And if he makes an All-NBA team or wins another top leaguewide honor this season, his annual salary would only increase.

“It’s another challenge I’m willing to take on,” Adebayo said. “I’m all about helping this team win. If my individual accolades help, then I’m for sure in.”

The Heat had until Dec. 21 to agree with Adebayo on an extension or else would have had to table the matter until next summer. Miami has stated the team’s intention was to give Adebayo a new deal — the only question was when. By waiting until next summer, the Heat would have had more salary-cap flexibility.

Adebayo is coming off what was by far the best season of his career. He was an All-Star for the first time, won the skills competition at All-Star Weekend, had the game-saving block of a Jayson Tatum dunk attempt in the final seconds of Miami’s Game 1 win over Boston in the Eastern Conference finals and made the NBA All-Defensive Team.

When this deal is done, he’ll become the fourth member of the 2017 NBA draft class to secure a max extension; the others were Sacramento’s De’Aaron Fox, Utah’s Donovan Mitchell and Tatum.

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Athletics to have furloughs, salary cuts

The Oakland Athletics, feeling the financial crunch of a 2020 season that has yet to get off the ground, have implemented a system of furloughs and salary reductions that will impact the majority of their baseball-operations department, sources told ESPN on Tuesday.

Professional scouts will be furloughed next week and amateur scouts will be furloughed shortly after the June 10-11 draft. In addition, about three-quarters of the A’s player-development staff is said to be bracing for furloughs, which typically run through the end of October, industry sources said. Layoffs have not been implemented, but baseball-operations employees who were not furloughed will face pay reductions.

The A’s also informed minor league players on Tuesday that they would not continue paying them $400 a week after the end of the month, sources familiar with the situation told ESPN’s Jeff Passan.

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“Baseball is more than a job — it is a way of life,” Athletics owner John Fisher wrote in a letter to fans and staff. “People who work for our team are our family — our very foundation — and they work tirelessly to help the A’s compete in this most precious game. COVID-19 has brought a tragic loss of life and sickness to so many in our community, and it has impacted us all in ways we could have never imagined. Our organization, like so many others across the country, has had to make tough and painful decisions.”

The A’s are apparently past due on the annual $1.2 million rent payment for their stadium.

They joined the Los Angeles Angels and the Miami Marlins among teams that have instituted wide-ranging furloughs as a cost-cutting measure amid the financial difficulties caused by the coronavirus pandemic.

The Los Angeles Dodgers, however, will instead implement a system of tiered salary cuts for those making more than $75,000, sources told ESPN’s Ramona Shelburne.

Major League Baseball presented its first economic proposal to the MLB Players Association on Tuesday, marking the beginning of what is expected to be a prolonged, contentious negotiation. The hope is that both sides can come to an agreement so that the regular season can start in early July, though matches will be played without fans.

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