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NBA Rumors: Re-signing Joe Harris will cost Brooklyn Nets $50 million in luxury tax

Joe Harris
Joe Harris
Raunak J
ANALYST
Modified 19 Oct 2020, 12:11 IST
Rumors
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Joe Harris has been in the ascendancy ever since he joined the Brooklyn Nets back in 2016. He led the league in three-point accuracy during the 2018-19 season and managed to rake in 42.4% of his treys last year while scoring 14.5 points per game. Harris is obviously someone whom the Brooklyn Nets want to re-sign, but if NBA rumors are to be believed, it could cost the franchise a fortune.

NBA Rumors: Re-signing Joe Harris would spell financial trouble for Brooklyn Nets

The Brooklyn Nets are already over the hard cap. Any players they re-sign in free agency or add via the taxpayer's midlevel exception will lead to a substantial addition to their luxury tax bill. Considering that Joe Harris is looking at a payday worth more than $10 million annually, it will have serious ramifications on the Nets.

Nets GM Sean Marks
Nets GM Sean Marks

While discussing how the drama could play out, Nolah Jensen of Nets Daily iterated an estimate from ESPN's Bobby Marks about the financial aspects of re-signing Joe Harris without making a deal to get some salary off the books.

"Keeping Harris will not be cheap. Bobby Marks of ESPN has estimated that if the Nets don’t make a major move prior to signing him, signing Harris to a contract starting at $12 million, a 50 percent upgrade from his current deal, the Nets are looking at a luxury tax of $50 million, fifth highest ever."

At 29, Joe Harris still has a good few years ahead of him so expect the Brooklyn Nets to try their best to keep hold of him. The player is willing too. Harris had mentioned back in February that he intends to return to play with Kevin Durant and Kyrie Irving.

Kyrie Irving and Kevin Durant
Kyrie Irving and Kevin Durant

Having said that, he will certainly have suitors, especially those looking to go on a title run. But considering that most of these franchises will also have financial limitations, the Brooklyn Nets have a good chance of re-signing their veteran sharpshooter.

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Also read: NBA Rumors - LA Lakers interested in 5 free agents including Jordan Clarkson


Published 19 Oct 2020, 12:11 IST
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