The Milwaukee Bucks plan to waive center Spencer Hawes and stretch his contract. This move will bring them below the luxury tax threshold for the 2017-18 season.
The Milwaukee Bucks had a financial and positional logjam at the center position. Going into the 2017-18 season, they previously owed $37 million to the combined foursome of Greg Monroe, John Henson, Spencer Hawes and Thon Maker.
That’s an alarming amount for any position. Nonetheless, one that’s been moving closer toward extinction with each passing year.
For the immediate future, at least, Milwaukee has created minimal breathing room. According to Adrian Wojnarowski, of ESPN, they have waived Hawes and stretched his contract out:
The deadline to stretch contracts ended at midnight eastern last night, so it was no surprise when this was announced.
The former University of Washington product decided to opt into his $6,021,175 player option this season. However, he will still get his money. According to the CBA, when a player’s contract is stretched they still receive the remaining amount of money they are owed. However, it’s now paid over twice the number of years plus one. Therefore, the Bucks will be paying him $2,007,058 every year for the next three seasons.
This move creates negligible cap flexibility this year and only adds to the teams’ payroll in the future. Remember, they also stretched Larry Sanders’ contract and owe him $1,865,546 per year through 2021-22.
Despite the dead money, Milwaukee now has a roster spot to play with. They are short on wing depth and almost assuredly will look to fill that void. Bringing back Jason Terry is probably the most likely option. Fortunately, there are other options as well. Names such as Shabazz Muhammad, Tony Allen, Mike Dunleavy and Gerald Green immediately come to mind.
Whoever they end up signing figures to have a shot as a role-player next season. These players can pay huge dividends come time for playoff basketball in April and May. Hopefully, they don’t take the decision lightly.