NBA Free Agency: Warriors have team option for Chris Paul and Kevon Looney

The Boston Celtics were recently crowned NBA champions and the 2024 NBA offseason has officially begun. And things are getting exciting very, very quickly. The next two weeks in the league are going to be wild: The first round of the 2024 NBA Draft will take place next Wednesday, June 26, while the second round – which is a two-day event for the first time – will take place on Thursday, June 27. On Sunday, June 30, at 3 p.m. PT, the free agency moratorium officially begins, meaning teams are allowed to negotiate contracts with all free agents. The moratorium ends on Sunday, July 6, at 9:01 a.m. PT, at which point teams can finalize and announce contracts.

It’s going to be a busy time for the Golden State Warriors, with many decisions to be made in many directions. And next? Options. Earlier this week, it was reported that guard Gary Payton II would pick up his $9.1 million player option for the upcoming season, but the Dubs also have a few key team options.

On Monday, the Warriors must decide whether or not to take on center Kevon Looney’s contract. If the Dubs take on Looney’s contract, he will return for $8 million. Otherwise, they will owe him $3 million in severance pay and he will become a free agent.

And then, on Friday, June 28, Chris Paul’s contract expires. CP3’s deal is pretty straightforward: The Warriors can opt for another year with the Hall of Famer for a whopping $30 million, or let him go as a free agent without paying him anything.

It’s no secret that Golden State looks for ways to save money in the offseason, so if you had to bet, it’s likely that neither contract will be picked up. It’s worth noting, however, that opt-out dates can be negotiated. The Warriors and Paul can mutually agree to extend the option deadline so they have more time to plan the offseason — and see if they can save money by, say, trading Andrew Wiggins or losing Klay Thompson. The two sides could also agree to negotiate another deal that’s mutually beneficial, like converting the one-year, $30 million contract into a two-year, $40 million deal or something similar.

Buckle up, Dub Nation. Things are about to get interesting.