Skip to comments.Stage set for Lin, Novak return to Knicks. NBA will appeal
Posted on 06/24/2012 5:01:21 PM PDT by SeekAndFind
The union won and so did the Knicks.
In a bonanza to their free-agent summer, Jeremy Lin and Steve Novak have been granted their early-Bird rights by an arbitrator, giving the Knicks more financial flexibility this summer, allowing them use of their mid-level exception on a free agent.
Arbitrator Kenneth Damms ruling in the case against the NBA means Lin will be able to re-sign with the Knicks with the Bird exception. Novak was also granted early-Bird rights, giving the Knicks the clear edge in re-signing him, too. Without a union victory, Novak was as good as gone.
Nevertheless, within an hour of yesterdays ruling, the NBA issued a statement saying it will appeal. If that spills over past July 1 free agency, it could create a delay in the Novak/Lin negotiations.
Union attorney Ron Klempner said he believes the appeal will be resolved by then. Asked if Lin and Novak will have Bird rights by July 1, Klempner said: Yes.
Novak wants to remain a Knick and attended the hearing 1 1/2 weeks ago.
Cant tell you how great it is to have my Bird rights preserved, Novak tweeted. A lot of hard work was put in to making it happen.
By not having to waste their $5 million mid-level exception on Lin, the Knicks can use it to lure a veteran point guard of stature. The Knicks, however, may decide to spend $3 million of the $5 million exception to keep them away from hitting the $74 million cap number, an important threshold to avoid.
Steve Nash leads the cast of point guard candidates but hes a long shot, especially at $3 million. Nash said earlier this week he would listen to a Knicks offer,
(Excerpt) Read more at nypost.com ...
What is the Bird rule?
RE: What is the Bird rule?
Now we’re into collective bargaining details...
If you don’t like to go into the details, don’t read this, but if you are, here goes...
The NBA salary cap is the limit to the total amount of money that National Basketball Association teams are allowed to pay their players. It is defined by the league’s collective bargaining agreement (CBA). This limit is subject to a complex system of rules and exceptions and as such is considered a “soft” cap.
The Larry Bird exception is the most well-known of the NBA’s salary cap exceptions, it is so named because the Boston Celtics were the first team permitted to exceed the salary cap to re-sign one of their own players (in that case, Larry Bird).
Free agents who qualify for this exception are called “qualifying veteran free agents” or “Bird Free Agents” in the CBA, and this exception falls under the auspices of the Veteran Free Agent exception. In essence, the Larry Bird exception allows teams to exceed the salary cap to re-sign their own free agents, at an amount up to the maximum salary.
To qualify as a Bird free agent, a player must have played three seasons without being waived or changing teams as a free agent. This means a player can obtain “Bird rights” by playing under three one-year contracts, a single contract of at least three years, or any combination thereof. It also means that when a player is traded, his Bird rights are traded with him, and his new team can use the Bird exception to re-sign him.
There is also the Early Bird exception. This is the lesser form of the Larry Bird Exception. Free agents who qualify for this exception are called “early qualifying veteran free agents,” and qualify after playing two seasons without being waived or changing teams as a free agent.
Using this exception, a team can re-sign its own free agent for either 175% of his salary the previous season, or the NBA’s average salary, whichever is greater. Early Bird contracts must be for at least two seasons, but can last no longer than four seasons. If a team agrees to a trade that would make a player lose his Early Bird Rights, he has the power to veto the trade.