Report: Jazz Lose Out on Paul Reed After Signing Offer Sheet

According to Adrian Wojnarowski, the Philadelphia 76ers matched the three-year, $23 million contract offer the Utah Jazz made to backup center Paul Reed.

"The 76ers are matching Paul Reed’s three-year, $23M offer sheet with the Jazz, sources tell ESPN,” Wojnarowski tweeted. “Per sheet’s terms, Sixers must guarantee last two years of Reed’s deal if they win the opening round of playoffs this season.”

The 76ers are matching Paul Reed’s three-year, $23M offer sheet with the Jazz, sources tell ESPN. Per sheet’s terms, Sixers must guarantee last two years of Reed’s deal if they win the opening round of playoffs this season.
— Adrian Wojnarowski (@wojespn) July 10, 2023

This comes as somewhat of a surprise, considering the move puts the 76ers in the luxury tax paired with the recent signings of Mo Bamba and Montrezl Harrell.

But despite the bad news, the development positions Utah with $7.7 million that can be used in the free-agent market. It remains to be seen whether the Jazz will take advantage of the extra cap space, but at least it gives them some maneuvering room.

Also, this could be a blessing in disguise. Signing Reed would have put rookie forward Taylor Hendricks at the back of the depth chart.

Where it stands now, Kelly Olynyk is now slated to be the center behind starter Walker Kessler while Hendricks is projected to back up newly acquired John Collins.

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