NBA Free Agency: Cleveland Cavaliers clear cap space; contract extension for Gregg Poppovich

They are not making much headway in the free agency, but the Cleveland Cavaliers are becoming stronger as contenders to bring LeBron James back to his home state of Ohio where he played his first seven years in the NBA. James held a meeting in Las Vegas with Miami Heat President Pat Riley and other Heat officials and according to sources, there is still time before he makes a decision.

While James is taking it slow, numerous reports suggested that Carmelo Anthony was very close to re-signing with the New York Knicks. Although there has been no official announcement as of yet on his decision, it is expected on Thursday.

While the buzz around James and Anthony continued, few teams made some big moves which make a positive impact on their future. Here’s a gist of all the action from Day 9:

Cleveland Cavaliers clear much needed cap space

Jarrett Jack

The Cleveland Cavaliers were involved in a three-team deal with the Brooklyn Nets and the Boston Celtics to help them clear much needed salaries from their account books. The Cavaliers would send veteran point guard Jarrett Jack and youngster Sergey Karasev to the Nets, while Forward Tyler Zeller along with a protected 2016 first round pick was shipped to the Celtics. Boston would also stand to receive the contract of guard Marcus Thorton from the Nets as part of the deal.

This is what Jack who comes to Brooklyn as a handy replacement for departed guard Shaun Livingston, had to say to ESPN:

"I mean, I would've love to stay, but I understand the business side of it. I respect it. It is what it is, but now I'm looking forward to what I have coming up with the Brooklyn Nets.”

This deal helps the Cavs clear upto $21.7 million in cap space which could come extremely handy given that the team is currently in hot pursuit of four-time league MVP James. According to ESPN’s Chris Broussard, the franchise is also trying to strike a deal with former Heat players and buddies of James such as Ray Allen, Mike Miller and James Jones as an incentive for him to also sign with the team.

Quietly the Celtics have also gained a lot from this deal receiving offensively productive young players in Zeller and Thorton along with a future first round draft pick in 2016, while losing no players themselves.

Chandler Parson and Gordon Hayward receive offer sheets from teams

Chandler Parsons of the Houston Rockets and Gordon Hayward of the Utah Jazz are among a very small group of restricted free agents this summer in the league. Both players received offer sheets from other teams and have agreed to sign deals with the respective teams. While Parsons was offered a three-year deal worth $45 million by state rivals Dallas Mavericks, Hayward was offered a four-year deal worth $63 million by the Michael Jordan owned Charlotte Hornets.

However, the thing with restricted free agents is that they are allowed to test the free agency market but the deals are approved only after their current team does not offer match the offer within three days. Hayward and Parsons both have agreed to sign the deals on Thursday, which means the Rockets and Jazz respectively will have until Sunday to decide whether they want to match the offer or allow the player to leave.

San Antonio Spurs sign contract extension with Gregg Popovich

The San Antonio Spurs are not only returning with the same core roster to defend their title next season, but are bringing back their head coach after Gregg Popovich signed a multiple year contract extension with the team, the franchise announced on Wednesday.

Terms of the deal were not disclosed, but Popovich, 65, continues his journey with the franchise since first taking up the job as Head Coach before the start of the 1996-97 season. Gregg was instrumental when his team completely dominated the Finals series 4-1 against the then defending champions Miami Heat.

He won his third NBA Coach of the Year award this past season after leading the team to a league-best 62 wins.