Report: 76ers’ Paul Reed Signs 3-Year, $24M Offer Sheet With Jazz

The wait for the Utah Jazz to make some brand-new signings this summer is finally over. According to Adrian Wojnarowski of ESPN, Paul Reed has agreed to a three-year, $24M offer sheet with the Jazz. There was some quiet traction gaining on the Philadelphia 76ers’ big and Utah coming to terms on a deal over the past few days, and today it finally comes to light.

Philadelphia 76ers restricted free agent F Paul Reed Jr., has signed a three-year, $23M offer sheet with the Utah Jazz, his agent Ron Shade of Octagon Basketball tells ESPN. Sixers have until Sunday at 11:59 PM ET to match sheet and retain Reed. pic.twitter.com/0OTh1W1iPe
— Adrian Wojnarowski (@wojespn) July 8, 2023

Reed (24) was the 58th overall pick in the 2020 NBA Draft and has found an increasingly productive role as a backup to Joel Embiid in Philly. He’s seen some elevated opportunity over the past three years in the league, with his most recent season being his best.

In just over ten minutes a game, he averaged 4.2 points, and 3.8 rebounds, along with over half a steal and block as well. Paul’s also a standout in the advanced metrics, maintaining an average PER of 20 through his first three seasons in the league, as well as showing out with a 62.0% TS% just last year.

Luxury tax implications for Philadelphia make matching this contract difficult. Wojnarowski reports that the 76ers would be facing $14M in luxury tax penalties if matching. Considering the league’s new cap structure, it’s hard to imagine the 76ers bringing back Reed, especially with their signings of Montrezl Harrell and Mo Bamba.

Another interesting note about this deal is the guarantees that come with it. The Jazz had some interesting additions to this offer sheet, which Adrian Wojnarowski also detailed in his report:

"One of the terms of the offer sheet provides a unique twist: The first season of the contract is fully guaranteed and the two following become guaranteed for

$15.7 million

if Reed’s team advances to conference semi-finals in the 2023-24 season, sources said.”

- Adrian Wojnarowski on Paul Reed’s contract.

Therefore, if Reed is rostered on a team that makes the second round next season, he’ll be locked into his current deal for another two years. Since Philadelphia seems to excel at making the second round each passing season, this could be an effort from the Jazz’s front office to deter the 76ers from matching.

BBall Paul now joins a deep roster for bigs in Utah. Joining Walker Kessler, Kelly Olynyk, John Collins, and Taylor Hendricks, there’s some extensive depth all around this team. Danny Ainge and the front office have prioritized adding talent wherever possible next season, and that trend continues with the addition of Paul.

The 76ers have until Sunday night to match this contract, or else we’re in for Paul Reed becoming an official Jazzman very, very soon.

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