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#1 Joe Smith's illegal contract with the Minnesota Timberwolves
Joe Smith was drafted #1 by the Warriors in the 1995 NBA draft. In 1999, Smith signed a 1 year, $1.75 Million deal with the Timberwolves. This was really bizarre as according to most coaches and executives in the NBA, Smith was worth way more than that. He was only 23 and had a great few seasons with the Warriors. Golden State offered him an $80 Million contract but Smith rejected it. Why would anyone reject an $80 Million contract for a mere $1.75 Million?
The NBA investigated this whole situation and found out that Smith and the Timberwolves had an under the table agreement - Smith would sign three separate 1-year deals for very little money which would allow the Timberwolves to acquire his Bird Rights. This would enable them to go over the cap and resign him afterward and offer a mega offer of $86 Million.
This contract was highly illegal and the NBA took strict action. Commissioner David Stern fined the Wolves $3.5 Million and suspended the manager of the Timberwolves at that time - Kevin McHale for 1 year. The NBA also made the Timberwolves forfeit their First Round Draft Picks between 2001 and 2004.
Those Draft Picks could've been used to signs players like Tony Parker, Zach Randolph, Gilbert Arenas or Gerald Wallace. One of these guys could've played alongside Kevin Garnett in his prime and the Wolves would be known as a completely different organization today.
Today, Joe Smith has lost all the $60 Million he earned throughout his NBA career and is nearly broke. Check out the promo for the CNBC special called “Back in the Game” as Alex Rodriguez - a former MLB star and a successful businessman - is trying to get Smith's life back on track.
