When Carmelo Anthony announced that he re-signed with the New York Knicks, everyone was wondering what the details of his contract would be. Thanks to ESPN’s Ian Begley and NY Daily News’ Frank Isola, we now have that information.
According to Begley and Isola, ‘Melo’s contract is for $124 million over five years, which is $5 million less than the max contract the Knicks could’ve offered. ‘Melo would be making $22.5 million in the first year of the deal, followed by a “slight increase” in Year 2, and then “larger increases” thereafter.
Given the fact that the maximum salary can increase year-over-year is 7.5%, I’d guess the structure of his contract looks something like this, which assumes a 0.75% increase in year two (inline with Begley’s report of a “slight increase.”) and 7.5% raises thereafter:
- Year 1: $22,500,000
- Year 2: $22,668,750
- Year 3: $24,368,906
- Year 4: $26,196,574
- Year 5: $28, 161, 317
- Total: $123,895,548
Two big additions to ‘Melo’s contract include an Early Termination Option after Year 4, similar to his previous contract with the Knicks, and a “no-trade clause.” The details of his no-trade clause is currently undisclosed, but it makes sense for Melo to look for loyalty when taking a pay-cut to stay with the team.