Philadelphia 76ers restricted free agent forward Paul Reed Jr. has signed a three-year, $23 million offer sheet with the Utah Jazz, his agent, Ron Shade of Octagon Basketball, told ESPN on Saturday.
Reed signed the offer sheet Saturday morning, and the Sixers will have until 11:59 p.m. ET Sunday to match and retain Reed or let him go to the Jazz.
One term of the offer sheet contains a unique twist: The first season of the contract is fully guaranteed, while the following two seasons become guaranteed if Reed's team advances to the conference semifinals in 2023-24, sources said.
Given where the two franchises stand, it is more likely the Sixers would have to guarantee the $15.7 million total for the 2024-25 and 2025-26 seasons than the Jazz. • Latest free agency buzz and news • Woj: Inside the Lillard trade talks • Marks: Damian Lillard trade guide • Pelton: Reacting to biggest moves • Explaining big changes in new CBA • Grading every offseason trade If the 76ers match the offer sheet, they would exceed the $165 million luxury tax threshold and incur an additional $14 million in luxury tax penalties.