Clippers sign Griffin

[JLEW1818]

LOS ANGELES -- The Los Angeles Clippers have signed Blake Griffin, the No. 1 overall pick in the NBA draft.

The team said Thursday that Griffin's deal was official, but terms were not announced.

The 20-year-old center averaged 22.7 points and 14.4 rebounds last season at Oklahoma before leaving two years early to enter the draft.

Griffin is playing on the Clippers' NBA Summer League entry in Las Vegas next week.

[JLEW1818]

no numbers yet... please post if you see anything

[stoopified]

I'm hoping it was a $20,000,000 one year deal.

[badger]

It's not like the Neffel, where top picks can hold out and demand more money... it used to be like that, but that's why they locked out a few years ago.

Now, rookies have a sliding scale, where money is set for each pick and only first round picks have guaranteed contracts.

As such, I am thinking Blake just signed a deal worth this much. (http://www.hoopsworld.com/Story.asp?story_id=9301)

Don't like links? Ok... Blake just signed a deal worth $4.1529 million for his first year, $4.4644 mil his second year, $4.7759 mil his third year, with fourth and fifth year options for the Clippers to continue paying him at more percentage-based salary bumps.

My guess is that Taylor Griffin will sign for the NBA rookie minimum if the Suns choose to keep him, which is about $457k annually, with slight bumps for each subsequent year, I think.

Because of rookie rules designed to give vets more money, I doubt Blake could have gotten a different deal... but I am not sure.

[yermom]

damn, seems the NFL should do something like that...

[JLEW1818]

so that family just got rich...

[oudivesherpa]

so that family just got rich...

Let's not say rich, just comfortable. He'll be subject to 36% federal tax, 9% California tax, and then Lord only know all the new taxes that Obama will put on the rich, from funding health care, to increased rates on earnings and Estates. But at least he won't have to hold a sign up saying, "will play BB for food."

Now, if he plays 5 years in the NBA, he will be rich.

[OUAlumni1990]

Let's not say rich, just comfortable. He'll be subject to 36% federal tax, 9% California tax, and then Lord only know all the new taxes that Obama will put on the rich, from funding health care, to increased rates on earnings and Estates. But at least he won't have to hold a sign up saying, "will play BB for food."

Now, if he plays 5 years in the NBA, he will be rich.

Well, even after taxes thats 2.28 mil the first year. For someone who's barely old enough to drink, I'd call that rich. I'd call Taylor Griffins 'possible' 400k+ salary 'comfortable'. Question is whether Blake is going to be wise enough to manage all that money to make it last his entire life. Many of them are not...

[badger]

yup... gotta keep in mind that while $2 mil after taxes annually is nice, this money has to last him the rest of his life, because it's not like he'll be a starting power forward until he's 65.

[Collier11]

Barring injuries Blake and completely flaming out he will make atleast $50-75 mil in his career and well over $100 if he ends up being the star that we think he will, even if he flames out or gets hurt when you thrown in endorsements he will likely make about $17-20 mil in the 1st three years...Id say he is good to go

[stoopified]

Lcould live on that,barely. :D

[Collier11]

27 and 12 in his summer league debut

[oudivesherpa]

yup... gotta keep in mind that while $2 mil after taxes annually is nice, this money has to last him the rest of his life, because it's not like he'll be a starting power forward until he's 65.

That's a good point. When your young you think $ 2mil is a ton of cash, but remember that even the most conservative players saves only about 25% of their salary. After, five years in the NBA, saving 25% of his salary Blake will have $2.5 mil in savings which he can withdraw at 4% per year ($100M) and never run out of money. Also, he has the rest of his life to find a career after basketball.

[A-M]

Well, even after taxes thats 2.28 mil the first year. For someone who's barely old enough to drink, I'd call that rich. I'd call Taylor Griffins 'possible' 400k+ salary 'comfortable'. Question is whether Blake is going to be wise enough to manage all that money to make it last his entire life. Many of them are not...

If he was wise enough to not 'hit back' after all of the things the players did to him during the games, I can't help but believe that he will be smart enough to know how to take care of his money so he will be OK for the rest of his life. This kid has a wise head on his shoulders with a family who are close enough to help him to keep from making major mistakes with all that money. I think he will do just fine and we will be proud that he once had the big "OU" on his shirt at one time.