5 best/worst contracts from Day 1 of 2024 NBA free agency

Day 1 of 2024 NBA free agency has officially come and gone. Now, it is time to evaluate and dissect the best/worst signings from the opening moments of the negotiation period.

We are still waiting to see where Paul George ends up, though recent buzz indicates he will join the Philadelphia 76ers. Nonetheless, there has been noteworthy player movement since things kicked off at 6 p.m. ET on Sunday.

Several teams have wasted no time using their financial resources to fill out and upgrade their rosters. However, not all deals are created equal. Some could get considerably better value for money spent this summer, while others make head-scratching investments.

Below, we will highlight the most significant transactions from the evening, whether they're influential or consequential.

5. Spurs adding Chris Paul for below non-taxpayer MLE value

Contract: One year, $11 million

We all saw how massively positive of an impact a true point guard like Tre Jones had on phenom Victor Wembanyama as a rookie. After the San Antonio Spurs gave up on the brutally failed Point Sochan experiment, they became a more functional offense. Most importantly, no one benefitted from the lineup change more than their 7-foot-4 20-year-old sensation. The franchise has now added the ultimate floor general in veteran Chris Paul.

Paul is no longer the All-NBA talent he once was. But he is still a supreme offensive maestro and facilitator. His presence will undoubtedly make life easier for Wembanyama. Moreover, it will boon and expedite the big man's development, along with incoming rookie Stephon Castle.

Once Jones entered the starting lineup on Jan. 4, Wembanyama's offensive production and efficiency skyrocketed. So, it is easy to envision the latter forming a lethal pick-and-roll duo with Paul, one of the brightest basketball minds in league history. 

Acquiring Paul on an expiring pact worth less than the Non-Taxpayer Mid-Level Exception is a tremendous win for the Spurs.

4. 76ers reunite with veteran big man Andre Drummond

Contract: Two years, $10-plus million

Veteran big man Andre Drummond was so excited about his return to the Philadelphia 76ers that he broke the news himself. Nevertheless, he is a valuable depth addition who can be a bargain at this price.

Drummond won't be pushing 2022-23 MVP Joel Embiid for the starting center gig in Philly, but he will be a meaningful backup. Considering the latter has an extensive injury history, the former presents Philly with a reliable fill-in option should the health issues persist. Regardless, the soon-to-be 31-year-old has a place in the Sixers' rotation.

Despite being limited to 17.1 minutes per game this season, Drummond averaged an eye-opening nine rebounds. One of the best ever to crash the glass, he is still doing so at an impressively high rate. His 18.9 boards per 36 minutes were first in the league in 2023-24 by a wide margin.

A forceful interior presence who fills up the stat sheet and makes his presence felt in a reserve role, Drummond landing in Philly is ideal. He spent 49 contests with the 76ers in 2021-22 after being included in the trade that sent James Harden to the Brooklyn Nets. The reunion narrative only adds to the intrigue.

3. Magic signing two-way sharpshooter Kentavious Caldwell-Pope

Contract: Three years, $66 million

How did the Denver Nuggets let Kentavious Caldwell-Pope get away at this price?

Reporting suggests the Nuggets made a "pretty similar" offer to what Caldwell-Pope ultimately received from the Orlando Magic. Alas, Denver falls short in the bidding for his services and sees the two-way land with a young Eastern Conference team on the rise.

Caldwell-Pope fills two substantial needs for the Magic: Playoff pedigree and three-point shooting.

Aside from 36-year-old forward Joe Ingles, the rest of the Magic squad had little postseason experience before this season's first-round elimination against the Cleveland Cavaliers. With Caldwell-Pope, Orlando gets one of only two active players in the Association with multiple championships since the turn of the decade.

Additionally, Caldwell-Pope is one of the premier 3-and-D wings -- a highly coveted position in today's era of basketball. He shot above 40 percent from beyond the arc and averaged at least one steal per game for a second consecutive campaign this year. Only two other league members have accomplished that feat during that span.

Orlando ranked 30th and 29th in threes and three-point percentage, respectively, in 2023-24. Caldwell-Pope provides them with a skilled, high-volume, long-distance sharpshooter who fits the identity of defensive-minded head coach Jamahl Mosley.

2. Wizards baffingly give Jonas Valanciunas multi-year deal

Contract: Three years, $30 million

It is hard to gauge the current state of the Washington Wizards. Only days after spending the No. 2 overall pick of this year's NBA Draft on big man Alex Sarr, they sign veteran center Jonas Valanciunas. 

While a transaction like this generally wouldn't cause concern, the Wizards signed Valanciunas to a considerable multi-year deal. They have put a decent amount of money into the traditional, one-dimensional five. Does Washington envision a scenario where he plays alongside Sarr?

One may argue the Wizards brought in a mentor for Sarr in Valanciunas. Alternatively, you can make the case that Washington is overlooking the long-term development of the former.

Why would Washington lock themselves into paying Valanciunas $10 million annually through his age-34 campaign? Already showing signs of regression, the Lithuanian effectively got played into a lesser role in the New Orleans Pelicans' rotation this season. 

Meanwhile, the Wizards re-signed Richaun Holmes to a two-year, $25.9 million extension on Saturday. Why are they hoarding past-their-prime bigs when they have Sarr?

1. Clippers will rue giving into James Harden's lofty demands

Contract: Two years, $70 million (2025-26 player option)

Harden is arguably the biggest winner of the George sweepstakes. The former had Lawrence Frank and the Los Angeles Clippers at his mercy because of the latter's seemingly likely departure.

With all the leverage in extension talks, Harden made out like a bandit, squeezing $35 million annually out of the Clippers. What other choice did Los Angeles have? Retaining the 10-time All-Star was the only option, considering George will presumably don a different uniform next year.  

Yes, Harden is still one of the most productive players in basketball -- there aren't many who could stuff the stat sheet like him. However, his well-documented playoff woes make it hard to justify paying him this much money at this juncture in his career. 

Regardless of the circumstances with George, Harden is known to shrink when the brights get lighter and the magnitude of the moment intensifies. Are the Clips expecting anything different as he enters his age-35 campaign?

Not only did Harden maximize his earnings with his new deal, he received a player option for 2025-26. Should he opt out and hit the open market after one year in search of another payday, that could be the saving grace for the Clippers.

It isn't difficult to see why Los Angeles gave into Harden's lofty demands. Anyhow, the organization may regret it in due time.