Malik Monk isn’t going anywhere next season.
ESPN’s Adrian Wojnarowski reported Thursday night, citing sources, that Monk plans to stay with the Kings and sign a four-year, $78 million contract that includes a player option for the final year.
All signs point to Sacramento keeping their beloved sixth man, but what does the reported move mean for the team’s luxury tax situation?
The Kings offered Monk the maximum amount they could offer him due to his status as an “early bird” free agent. After re-signing Monk and pending other moves, the Kings are currently paying roughly $1 million in luxury tax, $6.3 million on the first apron and $17.1 million on the second apron, according to Keith Smith of Spotrac.
Smith also provided a breakdown of Monk’s expected annual salary, saying the deal will be worth $77.9 million over four years.
Monk’s new contract could make the Kings taxpayers next season. Between Keown Ellis’ nonguaranteed salary and the team’s cap hold on the No. 13 pick, Sacramento already has about $155 million in signing bonuses for 12 players. Add in Monk’s $17.4 million salary and that total would exceed the projected luxury tax line ($171.3 million) and leave at least one more roster spot open.
Sacramento may consider cutting contracts, perhaps Sasha Bezenkov and his $6.6 million cap hit.
Monk, the runner-up for the 2023-24 NBA Sixth Man Award, made $36 million in his first seven seasons playing for the Charlotte Hornets, Los Angeles Lakers and Kings.
He’ll get it over the next two seasons.
New CBA rules allowed the Kings and Monk to begin negotiations the day after the NBA Finals, and while negotiations didn’t take long, Monk can’t officially sign his contract until July 6.
But it gives Kings general manager Monte McNair and his team plenty of time to put together other big moves this offseason, whether through next week’s NBA Draft, free agency or a trade.
