Shaq signs 5 Year $100 Million Deal with Heat
Posted: Tue Aug 02, 2005 8:17 pm
Published - Aug 02 2005 02:09PM CDT || AP
MIAMI(AP) Shaquille O'Neal signed a $100 million, five-year contract with the Miami Heat on Tuesday, a deal that gives the 12-time All-Star center security he wanted while not draining all the team's resources.
The deal was signed on the first day of the NBA's player-movement window, the start of which was delayed while the new six-year collective bargaining agreement was being completed.
O'Neal's agent, Perry Rogers, said the deal ensures that the three-time NBA Finals MVP remains the player with the highest annual salary in the league, and it's believed that no player will make more than O'Neal's $20 million in each of the next two seasons.
"We wanted to make sure that Shaquille was being compensated well into his career," Rogers told The Associated Press. "We also wanted to make sure he was paid his value. And it was important the Heat had flexibility they need in the short-term to win a championship.
"It's about winning."
O'Neal was vacationing Tuesday in Rome; Heat doctors will fly there Wednesday to administer a physical. In a statement released by the team, he said he was "very excited" about the deal.
"This contract allows me to address all of my family's long-term financial goals while allowing the Heat the ability to acquire those players that we need to win a championship," O'Neal said.
Heat president Pat Riley said signing O'Neal was the team's top priority this offseason.
"For over a year, the Heat's relationship with Shaquille has been a win-win situation on and off the court," Riley said. "We have been able to secure one of the most dominant men to ever play the game of basketball. ... At the same time, we have gained flexibility to achieve our ultimate goal of winning an NBA championship."
Earlier Tuesday, O'Neal opted out of the final year of his existing deal, one that would have paid him $30.6 million this coming season.
The Heat do not want to be a luxury-tax team, and paying O'Neal $20 million annually _ a figure actually considered to be a bargain _ should not send Miami over the tax threshold. It also seems to ensure that Miami could use its mid-level exception annually to sign players; this year's mid-level is $5 million.
"You get paid the most, but you do it in a way that's not detrimental to what the team wants to accomplish," Rogers said.
The 7-foot-1, 327-pound O'Neal made an immediate impact during his first season with Miami, which acquired him in July 2004 from the Los Angeles Lakers in exchange for three players and a draft choice.
He averaged 22.9 points and 10.4 rebounds in the regular season, leading the league with a 60.1 field goal percentage. O'Neal ranked sixth in the league in blocks (2.34 per game), double-doubles (43) and rebounds.
A bruised thigh, suffered late in the regular season, limited his playoff effectiveness; the Heat were the No. 1-seeded team in the East, yet lost to Detroit in Game 7 of the conference finals _ the finest postseason showing in the Heat franchise's 17-year history.
O'Neal had previously led the Lakers to three consecutive NBA titles from 2000-2002.
"This is one of those deals where everybody can be really proud," Rogers said. "In a day and age when it's only about the team using a player for the amount of time they'll think he'll be totally at his best, or a day in age when players want to get paid all they can right now, this was every party understanding the other's needs."
Agreeing to terms with O'Neal could usher in a flurry of activity by the Heat.
Miami is considering a trade that would send swingman Eddie Jones to the Memphis Grizzlies for point guard Jason Williams and small forward James Posey. Another deal could land free agent forward Antoine Walker, a three-time All-Star who averaged 19.1 points and nine rebounds last season for the Atlanta Hawks and Boston Celtics.
Danny Ainge, the Celtics' head of basketball operations, indicated Tuesday that Walker wouldn't be back with Boston. When asked if he'd be surprised to see Walker return, he said, "yeah, I would."
The Heat have already agreed to a five-year deal worth just more than $30 million with forward Udonis Haslem, and are awaiting decisions from backup center Alonzo Mourning, who's considering retirement, and free agent point guard Damon Jones _ whom Miami wants back.
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MIAMI(AP) Shaquille O'Neal signed a $100 million, five-year contract with the Miami Heat on Tuesday, a deal that gives the 12-time All-Star center security he wanted while not draining all the team's resources.
The deal was signed on the first day of the NBA's player-movement window, the start of which was delayed while the new six-year collective bargaining agreement was being completed.
O'Neal's agent, Perry Rogers, said the deal ensures that the three-time NBA Finals MVP remains the player with the highest annual salary in the league, and it's believed that no player will make more than O'Neal's $20 million in each of the next two seasons.
"We wanted to make sure that Shaquille was being compensated well into his career," Rogers told The Associated Press. "We also wanted to make sure he was paid his value. And it was important the Heat had flexibility they need in the short-term to win a championship.
"It's about winning."
O'Neal was vacationing Tuesday in Rome; Heat doctors will fly there Wednesday to administer a physical. In a statement released by the team, he said he was "very excited" about the deal.
"This contract allows me to address all of my family's long-term financial goals while allowing the Heat the ability to acquire those players that we need to win a championship," O'Neal said.
Heat president Pat Riley said signing O'Neal was the team's top priority this offseason.
"For over a year, the Heat's relationship with Shaquille has been a win-win situation on and off the court," Riley said. "We have been able to secure one of the most dominant men to ever play the game of basketball. ... At the same time, we have gained flexibility to achieve our ultimate goal of winning an NBA championship."
Earlier Tuesday, O'Neal opted out of the final year of his existing deal, one that would have paid him $30.6 million this coming season.
The Heat do not want to be a luxury-tax team, and paying O'Neal $20 million annually _ a figure actually considered to be a bargain _ should not send Miami over the tax threshold. It also seems to ensure that Miami could use its mid-level exception annually to sign players; this year's mid-level is $5 million.
"You get paid the most, but you do it in a way that's not detrimental to what the team wants to accomplish," Rogers said.
The 7-foot-1, 327-pound O'Neal made an immediate impact during his first season with Miami, which acquired him in July 2004 from the Los Angeles Lakers in exchange for three players and a draft choice.
He averaged 22.9 points and 10.4 rebounds in the regular season, leading the league with a 60.1 field goal percentage. O'Neal ranked sixth in the league in blocks (2.34 per game), double-doubles (43) and rebounds.
A bruised thigh, suffered late in the regular season, limited his playoff effectiveness; the Heat were the No. 1-seeded team in the East, yet lost to Detroit in Game 7 of the conference finals _ the finest postseason showing in the Heat franchise's 17-year history.
O'Neal had previously led the Lakers to three consecutive NBA titles from 2000-2002.
"This is one of those deals where everybody can be really proud," Rogers said. "In a day and age when it's only about the team using a player for the amount of time they'll think he'll be totally at his best, or a day in age when players want to get paid all they can right now, this was every party understanding the other's needs."
Agreeing to terms with O'Neal could usher in a flurry of activity by the Heat.
Miami is considering a trade that would send swingman Eddie Jones to the Memphis Grizzlies for point guard Jason Williams and small forward James Posey. Another deal could land free agent forward Antoine Walker, a three-time All-Star who averaged 19.1 points and nine rebounds last season for the Atlanta Hawks and Boston Celtics.
Danny Ainge, the Celtics' head of basketball operations, indicated Tuesday that Walker wouldn't be back with Boston. When asked if he'd be surprised to see Walker return, he said, "yeah, I would."
The Heat have already agreed to a five-year deal worth just more than $30 million with forward Udonis Haslem, and are awaiting decisions from backup center Alonzo Mourning, who's considering retirement, and free agent point guard Damon Jones _ whom Miami wants back.
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