Under Armour lost nearly $600 million of its value as a company Friday, as its stock plummeted by more than 4 percent after the CEO of a major footwear retailer said the latest version of its Steph Curry shoe wasn’t doing as well as expected. Foot Locker CEO Dick Johnson said the Curry 3 “started off a bit slower than the previous models,” causing a sell-off in the stock market.
The shoe faces two challenges: The first is its price. Under Armour raised the price of the Curry 3 to $140 a pair. That's an increase of $20 from the Curry 1 and $10 from the Curry 2. Second, when he plays, Curry wears a shoe with a higher profile in order to protect his ankle. Nearly 80 percent of the people who wear basketball shoes do so for fashion, and lower-profile shoes are more popular.
One wrinkle in the current proposed deal, according to sources familiar with it: Cap holds attached to free agents coming off rookie contracts could jump to 250 and 300 percent of their prior salaries, up from 200 and 250 percent, to prevent teams from arranging wink-wink deals as San Antonio and Detroit did with Kawhi Leonard and Andre Drummond, respectively: "Hang in free agency as a cheapo cap hold, and we'll sign everyone else first." That extra few million matters for teams scrounging max cap space. As of now, cap holds attached to players with more experience would stay the same, per league sources. That could change, of course. But the status quo would be huge for Golden State, which is counting on Stephen Curry's under-market cap hold -- $18 million, way below his $30-million-plus max salary -- to fit Kevin Durant, Andre Iguodala, and Shaun Livingston.
The longstanding estimate for a Curry max used to be a five-year deal in the $175 million range. Yet the recent dip in the league’s projections for the 2017-18 salary cap -- teams were notified in July of a forecasted drop from $108 million to $102 million –- means that $165 million over five years is the proper estimate as we speak. We arrived at that figure in consultation with ESPN cap maven Larry Coon, who projects Steph’s 2017-18 max to come in at a shade under $28.8 million as a player with seven to nine seasons of service time.
Marc Stein: After consulting the wise @LarryCoon, @espn's new latest estimate for the Steph Curry max next summer is a five-year, $165 million deal.
Ethan Strauss: Stephen Curry: "I want to be back here. I like playing here. And that's it." es.pn/2d7rIcu
Anthony Slater: Stephen Curry said he won't let his lingering free agency become a distraction: "I want to be back here" https://t.co/vSFMAZTsJQ
Curry, who is in the final year of a four-year, $44 million deal, will once again be the fifth-highest paid player on the team. That's something he said he's at peace with. "I told myself, when I made the decision to sign for what I did back in the day, that I'm blessed to take care of my family for what it was," Curry said. "And there would probably be a situation, if I played the way I was supposed to coming off that contract, that I could be underpaid or whatever. But at the end of the day, it would all come around and we won the championship and good things happened."
Ric Bucher: I think the Spurs are looking at the fact that Kevin Durant came into Golden State and that Kevin Durant may take up some of the superstar space that was previously occupied by Steph Curry... and when Steph Curry becomes a free agent, I think they are going to go hard at Steph Curry.
Stephen Curry and his Warriors, love 'em or not, are going nowhere. Thompson and Green have already secured long-term deals, while sources say it's a formality that Curry -- who runs unopposed as the foremost late bloomer in league history -- will be presented with a max five-year deal worth an estimated $175 million as soon as he's eligible for it in the summer of 2017.
2. Curry’s new contract would not run nearly as long as if he waits one year for free agency. A renegotiated extension can only be for a maximum of four seasons, and the renegotiated season counts, so a Curry contract this summer would go through the 2019-20 season while a five-year contract as a free agent next summer could give him security until 2021-22. Waiting also likely gives Curry a higher salary per season since the cap will rise again next year — especially if, as expected, the value of maximum contracts is increased in the 2017 labor renegotiations.
Diamond Leung: Stephen Curry on re-signing with Warriors: "I've always said I want to stay in the Bay... Hopefully that happens." bloom.bg/1nKl3GH
Curry again stated his desire to stay with the Warriors in a video posted on his Facebook page (scroll ahead to the 2:33 mark). Asked if he ever thought he’d leave Golden State, Curry said, “Hopefully not. Hopefully everything works out and I can finish my career here. I’ve probably got like 10 good years left.”
Stephen Curry plans to stay with the Warriors long term and isn’t interested in free agency after the 2016-17 season, the league MVP told Sporting News. “As I am thinking right now, free agency isn’t really appealing to me because I love where I’m at, love the organization I’m playing for, and the Bay Area is home for me and my family,” Curry said. Curry becomes an unrestricted free agent in the summer of 2017 unless he works out an extension with Golden State before then. He remains an absolute bargain for the champion Warriors after signing a four-year, $44 million deal in October 2012 that will pay him $11.3 million this upcoming 2015-16 season and $12.1 million in 2016-17.
June 19, 2021 | 3:34 pm EDT Update
On Saturday afternoon, Conley addressed his pending free agency during the Jazz’s customary exit interviews the day after the season. “Obviously you know how I feel about our team and the city and the fans,” he said. “It’s been just a wonderful two years. Definitely an up and down two years but wonderful regardless of how it ended last night. “Free agency is free agency…it’s something that I have to sit back and consider with my family and when that time comes, make the decision that’s best for us, myself. Like I said, obviously I’ve had a great time here, great, great experiences, coaches — Coach Quin and the players, Don and Rudy and everybody, so we’ll just have to see what happens.”
Conley would certainly command less than the approximately $34 million he made this season but could still be in line for a big pay day despite his age given that he was named an All-Star this season for the first time in his career. “Obviously I can’t speak, look into the future what exactly will happen,” he said. “It’s actually like my first time being a real free agent, so it’ll be interesting, but I did love it here and we’ll see what happens.”
Ben Anderson: Joe Ingles on the @Utah Jazz offseason. “If you want to be the last team standing, you’ve got to find things to improve and get better. We’ve got to figure out ways that we can get better.” #takenote | @KSLsports
Marc Stein: The Suns say Chris Paul remains in health and safety protocols. Further updates on his status will be provided as appropriate.
June 19, 2021 | 1:07 pm EDT Update
According to a source, Brooklyn’s Blake Griffin asked a Celtics player if he should join the team midseason and was told not to come to Boston because of the apparent dysfunction. At season’s end, multiple sources close to the players said several members of the locker room were welcoming a coaching change, noting Stevens did not appear to hold key players accountable, with complaints he was favoring Smart over others.
Walker maintained his professionalism throughout the season but his health issues, the team’s poor performance and boos from TD Garden fans — something that particularly “pissed him off,” according to multiple sources — made him sour on his situation in Boston and had spoken privately about being willing to move to a new team. It had become clear he was not going to be in the team’s long-term plans.