The NBA is known for its lucrative contracts and high-profile players, but sometimes those contracts don`t work out as planned. In those cases, teams may choose to buy out a player`s contract, giving them the opportunity to sign with another team. While there have been plenty of buyouts throughout NBA history, some of the largest contract buyouts have made headlines in recent years.
One of the largest contract buyouts in NBA history occurred in 2018, when the Atlanta Hawks agreed to buy out the remaining two years and $49 million on the contract of center Dwight Howard. Howard had been traded to the Hawks the previous year, but the team was eager to move on from the veteran big man and his high salary. After the buyout, Howard signed with the Washington Wizards for the veteran`s minimum salary.
Another notable contract buyout occurred in 2019, when the Memphis Grizzlies agreed to buy out the remaining $25 million on the contract of center Chandler Parsons. Parsons had signed a four-year, $94 million deal with the Grizzlies in 2016, but injuries and poor performance limited his playing time and effectiveness. After the buyout, Parsons signed with the Atlanta Hawks for the veteran`s minimum salary.
Other notable contract buyouts in recent years include the Phoenix Suns buying out point guard Tyler Johnson`s contract for $16 million in 2020, and the Brooklyn Nets buying out shooting guard Allen Crabbe`s contract for $18.5 million in 2019.
While these contract buyouts can be costly for teams, they often provide much-needed flexibility to pursue other players or rebuild their rosters. For players, a buyout can give them the chance to sign with a new team and potentially earn more playing time or a higher salary.
In conclusion, the NBA has seen its fair share of contract buyouts over the years, with some of the largest buyouts occurring in recent years. While these buyouts can be costly for teams, they provide flexibility and opportunity for both teams and players alike. It will be interesting to see what contract buyouts the future of the NBA holds.