Veteran NBA Players Expected to Struggle for Long-Term Deals in Free Agency This Summer, Warriors Hope to Re-Sign Thompson at Lower Price

June 23 news reveals an unfriendly landscape for veterans in this year’s free agency market. According to Anthony Slater of The Athletic, NBA front office executives widely believe that older players will have difficulty securing long-term contracts this summer.

Slater’s report states, “Sources indicate that the veteran free agents to be signed will mostly ink shorter deals.” He also notes that this is partly why the Golden State Warriors are not urgently trying to prevent Klay Thompson from entering free agency. Slater adds that the “cooling free-agent market” was a factor in Malik Monk’s recent four-year, $78 million deal with the Sacramento Kings.

The NBA free agency period opens at 6:00 PM Eastern Time on June 30. Per Shams Charania, a prominent sports journalist, the Warriors offered Thompson a two-year deal worth around $48 million before last season. As per Slater, the team’s current thinking is to let Thompson explore free agency, expecting him to return “at a discount” once he realizes no better offers are available.

Thompson is one of over 40 veterans with at least 11 seasons of NBA experience set to hit free agency in July. Notable names include Kyle Lowry, Russell Westbrook, Nicolas Batum, James Harden, Gordon Hayward, Paul George, and Thaddeus Young. The NBA projects the salary cap for the 2024-25 season to rise to $1.41 billion, up from $1.36 billion in 2022-23. With new broadcasting agreements kicking in, the cap is forecasted to surpass $2 billion by the 2028-29 season.

With the anticipation of continued salary cap growth, NBA teams might feel comfortable signing shorter deals, knowing they’ll have more flexibility in the future. Veterans like Thompson seeking long-term security will have to wait and see how the market unfolds once free agency officially begins before deciding on their best offer.