The New York Knicks and Carmelo Anthony are going to remain together for the next half decade it seems as the two sides finally came to an agreement on a max contract over the weekend.
But while the max contract is a hefty amount of money for the Knicks to spend on one player, it means that the All-Star forward won’t be going anywhere but New York anytime soon. The kicker, though, is that despite all the talk of taking a hard max contract from the Knicks, it turns out Carmelo Anthony indeed took a slight discount on his deal.
According to Marc Berman of the New York Post, the contract details on Melo’s new deal indicate that he has taken a $6 million paycut on his max deal with New York.
Anthony took less to stay with the Knicks — estimated at $122-$123 million over five years. But it was still a lot more than what the cap-space challenged runner-up Bulls could offer — 4 years, $73 million.
Jackson confirmed The Post’s reports Anthony structured the deal to give the Knicks more cap space in 2015. It is believed he didn’t take his annual 7.5 percent raise in Year 2 and may have taken a tiny pay decrease. Under collective bargaining agreement rules, a player can receive as high as a 7.5 percent pay raise annually.
It’s easy to take a $6 million paycut when even after the fact you still walk away with more than $120 million on your deal. But this $6 million will likely come in really handy in the summer of 2015 and beyond as the Knicks will soon begin to come up for air after living in the depth of salary cap Hell and Melo’s small gesture could go a long way.
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