The Nets officially signed Nic Claxton Saturday to a four-year, $100 million deal … and the Nets big man agreed to a descending salary scale.
Back in April at the Brooklyn Nets introductory press conference for Jordi Fernandez, both Fernandez and Sean Marks stated that re-signing Nic Claxton, coming off a double-double season, was unequivocally the franchise’s top off-season priority.
Well, things change. So, Claxton’s signature on a four-year, $100 million contract Saturday may seem like the back story in a very, very active Brooklyn off-season. Mikal Bridges is gone, to the the Knicks nonetheless. The Nets have the biggest and almost certainly best draft haul in the NBA … and now with the 25-year old’s signing, they also have a key building block in their rebuild through 2028.
Moreover, Claxton agreed to a team-friendly deal. He’ll take more salary now, and less down the road when the Nets will need extra cap space as they try to get back in the thick of things. It also means that Claxton’s contract will be a declining percentage of the salary cap, which is expected to jump 10% a year with the sale of TV/streaming rights and expansion fees from new franchises. In other words, his contract will grow in value as his salary drops.
Mike Scotto was the first with the the details.
The Brooklyn Nets re-signed center Nic Claxton to a four-year $100 million contract. Claxton gets $97 million guaranteed with $3 million in potential bonuses, league sources told @hoopshype. The contract includes a descending structure, which starts at $27.6 million, per sources. pic.twitter.com/l0lIkjb9FT
— Michael Scotto (@MikeAScotto) July 6, 2024
It appears the deal will break down this way per Billy Reinhardt:
- 2024-25: $27,556,818 (19.6%)
- 2025-26: $25,352,274 (16.4%)
- 2026-27: $23,147,727 (13.5%)
- 2027-28: $20,942,182 (11,1%)
That structure is very similar to what Cam Johnson got from the Nets a year ago. Claxton however has a higher guarantee than Johnson. There were no details on what incentive levels Claxton must reach to claim the final $3 million.
Marks in announcing the deal said this of Claxton:
“We are thrilled to have Nic remain in Brooklyn as a core player for our team going forward. Nic has made strides in his game in each of his first five seasons, developing into one of the top defenders in the league,” said Marks.
“With his outstanding work ethic and dedication, we know that Nic will continue to be relentless in his efforts to maximize his talents and expand his game. Off the court, Nic and his family have embraced being a part of the Brooklyn community and we look forward to the impact he will continue to have on our borough.”
Now, the most senior Nets player with five years experiences, Claxton has never wavered in his loyalty to the organization, its fans or the city.
“Brooklyn has really grown on me as a city that I’ve grown to love since I’ve been here these past going on five years. Just everything about it; the fashion, the culture, the pride that the people have here,” Claxton said. “We have good fans, but this year we didn’t deliver the way we wanted to. But Brooklyn, the support here definitely means a lot.”