The NBA Finals have yet to finish, but the Phoenix Suns have notified veteran point guard Chris Paul that he will be waived by the team. Both parties are already in talks to figure out his next team ahead of Paul’s June 28 contract date.
Paul’s agent, Steven Heumann of CAA Sports, discussed with the Sun's organisation on Wednesday to explore potential options for a next landing spot. The Athletic detailed that both parties are working on resolution possibilities, including a trade, stretching his contract over multiple years, or waiving him entirely and with the potential to re-resigning the star guard in free agency.
NBA league sources have revealed that Paul has also expressed his desire to play for several more years and is eager to help a team contend for a championship.
Upon completing the waiving process, Cameron Payne will be the only point guard on the books for the Suns next season. However, Payne becomes an unrestricted free agent after next year's 2024-25 NBA season, signalling an urgent need to make immediate plans for the franchise's direction.
The Suns are releasing the Hall of Fame guard before the June 28 deadline. This way, the organisation will only have to dish out a guaranteed $15 million (£12m) remaining funds for the superstar instead of the entire $30.8 million (£24.7m) left on his deal for the 2023-23 NBA season.
Waiving Paul could signal an array of strategies for the Sun's. They could either elect to get their floor leader back for a significantly lower salary or gamble to try and make a splash for an upgrade at the point guard position, with the uncertain future of Portland Trailblazers guard Damian Lillard looming in the balance.
Paul is currently the fourth highest-paid player on the Sun's roster behind Durant, Devin Booker, and DeAndre Ayton. The team's finances are primarily tied to those four players, making for a top-heavy roster with minimum cap space to add necessary impactful players.
The 12-time All-Star opted out of his prior contract- a four-year deal worth just under $160 million (£128.5m) — to re-sign with the Suns on his current deal.
Following an impressive NBA Finals run last season, franchise fans were excited to see if their high-powered trio could attain an NBA Championship -- a feat that the organisation has yet to accomplish since its inception in 1968. Nonetheless, the team lost to the Denver Nuggets 4-2 in the Western Conference finals, commemorating an unlucky end to their season.
Through 16 NBA seasons, Paul has guided multiple NBA franchises through playoff runs and has provided leadership to elevate the ceiling of young players. Currently, no teams have officially been anointed as likely frontrunners to land the services of the veteran floor leader.
