Hours before Monday’s contract extension deadline for first-round draft picks from the NBA’s 2019 class, fourth-year guard Kevin Porter Jr. and the Houston Rockets struck a deal.
The contract, which kicks in starting with the 2023-24 season, is worth as much as $82.5 million over four years. However, only the first season at $15.9 million is fully guaranteed, per Shams Charania and Kelly Iko of The Athletic. The unique structure could largely protect the Rockets in the event of any unforeseen off-court issues, which defined much of Porter’s initial NBA stint in Cleveland.
“The contract includes June trigger dates after (the) first season, but the Rockets can essentially release Porter at any point, without further pay, up to the $82.5 million,” Charania writes.
Per Tim MacMahon of ESPN, the final season (2026-27) of the contract is a team option and without any partial guarantees.
“The extension has a unique structure that allows for significant upside for Porter and protections for the Rockets,” says Adrian Wojnarowski of ESPN. “The Rockets have invested tremendous time and energy into Porter Jr., on and off (the) court, and they’re showing a commitment to keep developing him as a cornerstone.”
Kevin Porter Jr.’s four-year extension is only guaranteed for $15.86 million, all in Year 1, sources said. The contract includes June trigger dates after first season, but the Rockets can essentially release Porter at any point without further pay up to the $82.5M. https://t.co/A806sRcnaE
— Shams Charania (@ShamsCharania) October 17, 2022
At $15.9 million, the extension gives Porter a cap figure on Houston’s 2023-24 salary books that is somewhat higher than the approximate $10-million “cap hold,” which would have been in place had Rockets general manager Rafael Stone allowed Porter to become a restricted free agent and waited to do any deal until the 2023 offseason.
However, the Rockets likely viewed a slight decrease in their potential 2023 salary cap room as worthwhile in order to protect themselves against a scenario where Porter has a strong season and plays his way into a much larger income bracket, similar to what happened with Jalen Brunson and the Dallas Mavericks last season. Brunson subsequently signed with New York as a free agent.
Per NBA salary cap guru Yossi Gozlan of HoopsHype, the Rockets could still clear more than $50 million in salary cap space next offseason, even when accounting for the Porter extension.
Houston had a lot of money to spend and will still have a ton of cap space in 2023. They are still projected to generate $30M in space at a minimum and could get up to $50M+ if they cut non-guaranteed players. https://t.co/SYLyNrFuLg
— Yossi Gozlan (@YossiGozlan) October 17, 2022
A 6-foot-6 guard, Porter averaged 15.6 points (37.5% on 3-pointers) and 6.2 assists in 31.3 minutes last season. He ended 2021-22 with a flourish, averaging 28.7 points (48.0% FG, 40.3% on 3-pointers), 7.4 assists, and 7.3 rebounds per game in Houston’s last seven games.
In the 2022-23 preseason, Porter averaged 16.8 points (47.8% FG, 52.6% on 3-pointers), 5.3 rebounds, and 4.0 assists in 24.7 minutes per game. He started all four of Houston’s exhibitions at point guard, with the Rockets going 3-1 over that span.
There’s also rolling protections in the first year of the extension that would partially guarantee future seasons.
A win-win contract for Houston and Porter Jr.
The big ? Will teams try to copy this contract in the future? https://t.co/CEOI9TAxMg
— Bobby Marks (@BobbyMarks42) October 17, 2022
