Money Matters: Nets Manage Cap (And Add Another Pick) With Johnson Trade
This Nets offseason has one rule: Follow the money.
As the leaks of re-signings of pending free agents mounted, I was growing concerned that the Nets would have a difficult time reaching the salary floor for the 2025-26 season. Brooklyn weaponized its ample cap space on Draft Day to acquire a first-round pick (used on North Carolina wing Drake Powell at No. 22 overall) by taking on the three remaining years of Terance Mann’s contract, including the $15.5 million cap hit for this season, in the Kristaps Porzingis trade to Atlanta.
But then the Nets announced the extensions to forward Ziaire Williams and center Day’Ron Sharpe that actually added about $18 million to their room upon replacing their abnormally high cap holds with the contract numbers. If you include the rookie scale contracts but not the nonguaranteed portions of nonessential players competing for roster spots, those transactions still left Brooklyn approximately $27 million under the floor. Thomas’ new deal, assuming he gets one, probably wouldn’t by itself eat up that difference. And options were dwindling.
Well, worry no more, because ESPN’s Shams Charania reported on Monday that Brooklyn will be trading Cam Johnson to Denver in exchange for fellow three-point marksman Michael Porter Jr. and an unprotected 2032 first-round pick. The Nuggets get a cheaper (by about $17.2 million in 2025-2026) and, in my opinion, better player while the Nets add another pick to their supple inventory, one that has a chance to be valuable if Denver’s All-World center Nikola Jokic slows down in his age 37 season.
Like with Mann, Porter’s contract isn’t expiring after the season—he’s owed about $40.8 million in 2026-27. Contrary to some reports that stated only $12 million of that was guaranteed, Porter played at least 62 games during the regular season and all 20 playoff games during Denver’s 2023 championship run, which should have triggered the full guarantee. According to ESPN’s Ramona Shelbourne, the Nets do not intend to re-rout Porter elsewhere, just like with Mann.
By my calculations, the Nets will be able to exceed the floor once they finalize the Thomas contract and should still have some room under the cap (plus a $23.3 million trade exception that expires on July 7, a year after the crazy Mikal Bridges trade) to make more moves—if opportunities arise. A $20 million 2025-26 Thomas cap number, for instance, would bring Brooklyn’s 13 players under guaranteed contracts to an approximately $137.2 million payroll, or about $17.4 million under the cap.
Obviously, the final two roster spots could go to returning extras like Jalen Wilson, Keon Johnson, Tyrese Martin, and/or Drew Timme for minimum money, but it would be more prudent if Nets General Manager Sean Marks can facilitate another trade or two around the league to add Draft assets. An unforeseen roadblock is the trend of player buyouts in advance of the season. Whereas such maneuvers were typically made post trade deadline, a few teams have granted early buyouts to help their players avoid restrictions on apron teams. Someone like Cole Anthony would have been a salary dump target had he not reportedly been bought out by Memphis. Remember: That’s why the Nets were able to acquire Williams plus a 2030 second round pick from the Grizzlies last year.
As for the on-court product, I don’t see any of these transactions moving the needle away from a tanking strategy. I don’t know if Porter will be able to replicate Johnson’s growth into a three-level scoring threat and Mann lost the trust of two organizations last season. Sharpe and Williams are backup level contributors. As for the record-setting five-man rookie class, I wasn’t impressed and it’s rare for players that young to make an overwhelming impact in NBA Year 1 anyway.
About the only thing that could upset the tank is if Thomas stays healthy and wrecks a few games on the margins. It’s been eerily quiet on that front—the Nets typically get their re-signings done early, or rather leak them early since proper cap management protocols call for teams to go over the cap first before using Bird rights to exceed it with contract extensions.
Other than the normal platitudes from both sides, we have heard nothing regarding the negotiations. Does Marks have a trick up his sleeve where he signs-and-trades Thomas? Who knows? It could be a way to use the above trade exception.
The Nets are fortunate that they are the only team that has the cap space to give Thomas a contract significantly above the mid-level exception. Since he is a restricted free agent, the Nets would match any offer sheet at that lower number in a nanosecond, never mind the allowable two business days.
Since Marks’ mission for this season isn’t the on-court product but rather to manage the money, count him as a lucky duck as well.
Perhaps the Bucks tell us they want to salary dump Giannis into our cap-space 😄
Good analysis. CJ is a quality person. MPJ reportedly is not as high on the character side. MJP also is not as well rounded as Cam on the court but is a 6'10' lethal shooter and solid rebounder. He has a lightening quick and high release point. It's a win-win trade. I also agree the draft was not impressive. Maybe Egor turns into a Mike Dunleavy type player down the road. But I would have preferred we swing for Noe Essengue. The league is athletic and it's hard to see him ever being a plus plus contributor even if the shot and dribbling come around. The other four picks were solid, albeit picking three PGs just did not make sense, especially with players like Rasheer Fleming and Maxine Raynaud on the board.