It’s finally happened.
NBA.com’s David Aldridge has reported that the Brooklyn Nets & Deron Williams have reached a buyout agreement, and Mike Mazzeo of ESPN.com reports that the buyout figure is $27.5 million, spread out over five years at $5.5 million per season.
The Nets and Deron Williams have reached a buyout agreement, per source.
— David Aldridge (@daldridgetnt) July 10, 2015
Hearing that Deron Williams' buyout is going to be $27.5 million spread out over five years w/ stretch so $5.5 million per season. #Nets
— Mike Mazzeo (@MazzESPN) July 10, 2015
Reducing Williams’s cap hit by that much brings the Nets under the $84.74 million luxury tax figure set for 2015-16, prior to any other moves.
Williams will likely sign a two-year deal with the Mavericks when the buyout is complete, according to Stein:
ESPN sources say Deron Williams is expected to sign a two-year deal with Dallas in the $10 million range once he hits the open market
— Marc Stein (@ESPNSteinLine) July 10, 2015
Williams’s wife Amy posted an “I’m Coming Home” video to her Instagram account, adding that she’s excited to go home:
Headed back to where it all started! After an incredible 10 years in the league I am MORE than excited to be GOING HOME!!!!!!! So incredibly proud of my husband and all he has accomplished and look forward to our future as #DallasMavericks #LetsGoMavs #HomeWardBound #TeamWilliams #Blessed #Excited #NewChapter @dwill8
The Nets & Williams had discussed a buyout for quite some time, with a report from ESPN’s Marc Stein late Thursday indicating that they were close.
Williams had two years and $43 million remaining on the five-year max contract he signed in the summer of 2012, including an early termination option for the 2016-17 season.
Williams played a total of 277 regular season and 25 playoff games with the Nets over five seasons.