Perhaps the first day of NBA free agency didn’t have the massive, franchise-altering moves fans have become used to, but there were clear cases of teams capitalizing on the open market.
Just the same, there were also cases of teams that took on uninspiring and alarmingly quiet approaches to the sudden availability of players.
The common theme, as it has been since the 2023 Collective Bargaining Agreement was signed, appears to be a fear of punitive first- and second-apron sanctions.
The window to negotiate contracts opened at 6 p.m. ET Monday, June 30, and a flurry of deals came in, though deals cannot officially be signed until July 6.
Here are the early winners and losers from Day 1 of NBA free agency.
WINNERS
Houston Rockets
This is a clear signal that Houston is going all-in on its perceived championship window. Trading for Kevin Durant is one thing, but staying aggressive and adding forward Dorian Finney-Smith and center Clint Capela shores up a roster that suddenly has size, length and speed at the wing — a recipe for success in the modern NBA.
Already an excellent defensive team, Houston should be a nightmare when it needs a stop and gets its specialty lineup on the floor.
Denver Nuggets
When the Nuggets won the NBA Finals two years ago, their depth was a key asset. Flipping Michael Porter Jr. and a 2032 unprotected first rounder for the far cheaper Cameron Johnson allowed Denver to reunite with defensive-minded guard Bruce Brown.
Atlanta Hawks
A very good week for new general manager Onsi Saleh continued. After landing Kristaps Porziņģis at a discount and excelling in the draft, Saleh continued to remake the Hawks into a contender in the wide-open East. Atlanta reportedly added shooting in Luke Kennard and wing defense in Nickeil Alexander-Walker. When paired with steal machine Dyson Daniels, that’s a defensive backcourt that should cause problems for the rest of the conference.
Players who are cashing in
Players like center Luke Kornet (four years, $41 million to the Spurs), Nickeil Alexander-Walker (four years, $62 million in a sign-and-trade to the Hawks), guard Ty Jerome (three years, $28 million to the Grizzlies) and forward-center Santi Aldama (three years, $52.5 million) should all be celebrated for cashing in on their improved play.
You might as well throw Grizzlies forward Jaren Jackson Jr. for reportedly landing a five-year max extension worth $248 million in there, too.
LOSERS
The middle tier of the Western Conference
It’s bad enough that the West has to contend with a young powerhouse in the NBA champion Oklahoma City Thunder. But now, with the Rockets going all-in and the Nuggets improving, the top teams in the conference may be building a significant gap over the middle tier of the West.
The Lakers finished third and are signaling an emphasis on the future. The Clippers finished fifth and reportedly added Brook Lopez (two years, $18 million), but is that enough? The Timberwolves reportedly lost defensive wing Nickeil Alexander-Walker in a sign-and-trade.
The middle class in a salary-cap starved league
In the punitive first- and second-apron era, NBA free agency may not have quite the same sizzle as it once did. Teams like the Celtics have had to break up rosters to shed salary to avoid expensive sanctions triggered by surpassing certain payroll markers.
That has led to a cross section of veterans like guards Jordan Clarkson (Jazz) and Cole Anthony (Grizzlies) reportedly being bought out. It has also led veterans like guards Tyus Jones and Gary Trent Jr. to encounter a depressed market fearful of creeping into the luxury tax. Because the Nets were the only team that entered free agency with significant cap space, it appears that other teams may have used that as leverage to be moderate in the contracts offered.
Los Angeles Lakers
The statement LeBron James’ agent, Rich Paul, released when James opted in to his $52.6 million player option seemed to unsettle Lakers fans. It hinted that the Lakers are building for a post-James era, perhaps signaling some rebuilding to come. But losing 3-and-D wing Dorian Finney-Smith — a player Los Angeles acquired in a late-December trade — for nothing is questionable roster management.
L.A. did reportedly add forward Jake LaRavia, but it’s wholly uninspiring.
Milwaukee Bucks
Everyone will be watching Giannis Antetokounmpo after ESPN reported during the NBA draft that he would be closely monitoring Milwaukee’s moves. Antetokounmpo reportedly wants to win, and it’s unclear if retaining Gary Trent Jr., Kevin Porter Jr. and Taurean Prince but losing Brook Lopez is enough to keep him happy.
Miami Heat
They finished 10th in the East but secured the No. 8 seed via the play in-tournament … then were swept in the first round in historic fashion, the final two games by a combined 92 points. Heat president Pat Riley said May 9 at his end-of-season press conference that “there has to be some change” and that Miami “probably won’t run it back.”
Thus far, the opposite looks true. Terry Rozier and Andrew Wiggins, an expensive pair of players who have underwhelmed, remain on the roster. Duncan Robinson, an undrafted player who has shined in moments, did Miami a solid by reportedly exercising an early termination option to ease the cap burden. If the Heat do work on a revised long-term deal with Robinson, it signals more of the status quo.
As it stands right now, the only player on the books for next season who wasn’t with the team last year is No. 20 overall pick Kasparas Jakučionis.