The New York Knicks signed Carmelo Anthony to a max contract over the summer, and they’re already moving to front load his deal to make sure the team isn’t scrambling for cash when money is needing to be spent.
According to the Wall Street Journal, Melo will be taking $62 million in upfront cash on his max contract he signed this summer, meaning that he’s going to be one of the highest paid players, in terms of advances, in NBA history.
The advance for $62,032,340—or 50% of his $124 million-plus deal—is the maximum Anthony can take this soon under league rules. And in terms of sheer dollar amounts, it is surely among the largest advance payouts a player has taken in NBA history. Only Kobe Bryant, Jermaine O’Neal, Kevin Garnett and Rashard Lewis have ever signed contracts for larger amounts.
Furthermore, WSJ points out that the advance payment will give the Knicks some cap relief as the advance will have no impact on the Knicks cap figure.
Anthony’s advance will have no impact on the Knicks’ salary-cap situation. It simply changes the timing of when the 30-year-old will receive his biggest paychecks over the course of the contract.
It’s not like this is going ti fix the Knicks, but getting Melo $62 million up front is going to help New York over the long term and that’s why this move is being made. It’s not going to lower or raise the cap figure for the Knicks, rather is means that Melo will be getting paid the most of his money right away, lessening the blow — at least in theory — later on over the course of his deal.