Directed by general manager Rafael Stone and armed with a league-leading figure of more than $60 million in financial room beneath the NBA’s 2023-24 salary cap, the Houston Rockets were expected to be very aggressive on the market once 2023 free agency negotiations officially began at 3:00 p.m. Pacific on Friday afternoon.
Stone and other team executives are in Los Angeles, where they can meet in-person with many of their targets from around the NBA. And it didn’t take long after the opening bell to reach their first deal.
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Longtime Raptors point guard Fred VanVleet, who played a key role in Toronto’s 2019 NBA championship, agreed to sign with the Rockets on a three-year, $130-million deal. VanVleet instantly becomes a focal point for new head coach Ime Udoka as a shooter, facilitator, and hard-nosed defender. Perhaps most importantly, Houston views the 29-year-old’s leadership qualities as a good fit in an otherwise young locker room.
A 6-foot-1 guard, VanVleet averaged 19.3 points (34.2% on 3-pointers), 7.2 assists, 4.1 rebounds, and 1.8 steals in 36.7 minutes per game last season. He’ll instantly slide in as Houston’s starter at point guard, with highly drafted rookie Amen Thompson backing him up.
From media members, fans, and analysts in Houston and around the league, here’s a look at initial reaction to the agreement. After this deal, Stone and the Rockets effectively have about $26 million in cap space left, along with a room exception potentially usable on an annual salary worth up to approximately $8 million.
Ime Udoka has his starting point guard.
Late push from Toronto seemed to push Houston to a three-year deal for Fred VanVleet.
No word yet on any sort of option or non-guaranteed part of Year 3.
Further thoughts ⬇️ @chronhttps://t.co/81R37IVfRF
— Michael Shapiro (@mshap2) July 1, 2023
VanVleet will be 31 years old on a $45 million expiring contract in two years. He’ll be very tradable if that’s the direction the Rockets want to go, assuming Amen Thompson is ready to run the offense. Deal is a no-brainer for the Rockets https://t.co/ONM0aaA0uB
— Adam Spolane (@AdamSpolane) July 1, 2023
Good for Fred, that’s generational wealth and he deserves it. Anyone who doesn’t appreciate what he gave and meant to the Raptors since 2026 is simply missing the point
He’s a top 10 all-time franchise player and to suggest otherwise is idioocy— Doug Smith: Raptors (@SmithRaps) July 1, 2023
It’s a good day in Houston. Get an experienced, winning PG, move KPJ off the ball & let him catch-&-shoot more. Increase shooting & overall basketball intelligence, which was sorely needed. No pressure on the No. 4 overall pick to lead the offense right away. We’re up. #Rockets
— B.Scott (@brandonkscott) July 1, 2023
Really interesting to see the Rockets go to a third year to land Fred VanVleet. The last year of the contract will be when Jalen Green and Alperen Sengun start what would be there rookie extensions
— Adam Spolane (@AdamSpolane) July 1, 2023
It looks like the Rockets strayed from the two-year plan and gave FVV an extra year. Let’s see if there are partial guarantees on that third year, but the Rockets get their point guard. https://t.co/CbXVdB6sEZ
— ClutchFans (@clutchfans) July 1, 2023
It looks like the Rockets strayed from the two-year plan and gave FVV an extra year. Let’s see if there are partial guarantees on that third year, but the Rockets get their point guard. https://t.co/CbXVdB6sEZ
— ClutchFans (@clutchfans) July 1, 2023
The Rockets finally spend a significant chunk of their $66M in cap space.
$40.8M maximum salary leaves Houston with $25.2M in cap space. They also just need to spend $11.6M to reach the minimum salary floor.
They’ll also have the $7.7M room mid-level.https://t.co/yN9FtVYHKq https://t.co/2zlwMNNmSW
— Yossi Gozlan (@YossiGozlan) July 1, 2023
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