July 1st is like Christmas for NBA fans. They countdown to midnight to see what presents their team is going to get them (only to have to wait to enjoy them — NBA moratorium period). This wasn’t just any July 1st though, some of the best players in the game became free agents and the floodgates have opened. With Lebron James, Dwyane Wade and Chris Bosh holding meetings with their suitors, other teams made moves to secure tier 2 free agents. The usual fan groans were heard across the blogosphere but at the end of the day… the money has to go somewhere.

INKED

Joe Johnson – Atlanta Hawks*
6 years @ $119 Million (not fully confirmed)
One of the marquee free agents of the summer, the Hawks wasted no time handing out a max contract to a payer who hugely underperformed during this years playoffs. Johnson has helped the team become relevant but after two years of disappointing endings, it’s come as a bit of a surprise that the Hawks didn’t think twice about the massive contract. There is a moratorium period to go through but all signs point to Joe returning as a Hawk — this time under a new coach.

Rudy Gay – Memphis Grizzlies
5 years @ $81.6 Million
That’s a lot of cash for a guy who has yet to live up to the billing. A restricted free agent, Rudy Gay was scheduled to meet with other teams but the Grizzlies didn’t want to wait and see how things played out. On day 1 of free agency they jumped the gun and offered him a max deal and that grin on his face got just a little bigger. Every year we see teams overpaying to keep their own guys but its strange the Grizz didn’t wait to let the market determine his worth.

Drew Gooden – Milwauke Bucks
5 years @ $32 Million
This is the longest contract of his career — I kid you not! Gooden has been a journeyman but never really played like one. He seems to fit with whichever team he is playing for but they never seem to want him back when they get the chance. This will be his 8th team and he should be able to provide some scoring for the Bucks on the front line who were extremely light at that spot beyond Bogut who should be healed after a horrible injury.

John Salmons – Miwaukee Bucks
5 years @ $39 Million
Salmons opted out of the final year of his contract only to ink a longer one with the same team. Brought over in a trade late in the season, he produced for the Bucks offensively and provided a veteran presence for the young team during the playoffs. The Bucks have been feeling generous over the last month by adding Corey Maggette and Chris Douglas Roberts to the mix. It is yet to be seen if there is enough ball to go around.

Amir Johnson – Toronto Raptors
5 years @ $34 Million
A member of the youth movement — dubbed the Young Guns, Amir flourished in Toronto last season. He is getting paid starter money but its going to be a challenge to get him to stay on the floor for starter minutes. The foul prone forward showed a lot of promise and will have some big shoes to fill with the eminent departure of Chris Bosh. He played well with Jose Calderon at point and fits well with what the team is trying to do. (More in a separate post)

Channing Frye – Phoenix Suns
5 years @ $30 Million
He scoffed at the original 5 yrs, $25 million contract offered by the Suns but it didn’t take them long to up the ante and get him locked up long term. Frye fit well in the Suns uptempo, drive and kick system. He became one of the more efficient 3 point shooters in the league playing beside one of the best to dish it. His role will expand with the departure of Amare but this is a good signing for a young guy who has room to grow.

Hakim Warrick – Phoenix Suns
4 years @ $18 Million
Damn those Suns are quicker off the court than they are on. Just hours after talks broke down with Amare Stodemire, the Suns reached out to forward Hakim Warrick and inked him to a 4 year deal. This essentially confirms the end of the Amare era in Phoenix and a fresh start with some younger faces. Warrick, a winner at the college level, has yet to find the right team to build his game with but if history is any indicator — Nash can make anyone look great.

Paul Pierce – Boston Celtics
4 years @ $61Million
Richard Jefferson opted out of the final year of his contract — kinda crazy. Paul Pierce not so much. Pierce was due to earn $21million in the final year of his contract and this new deal allows the team to take a lesser hit next year. His loyalty to the Celtics was evident when he signed his previous deal. He has won the coveted ring and went to the finals again this year. The window is slowly closing on the aging Celtics but their Captain looks to want to finish his career here.

Darko Milicic – Minnesota Timberwolves
4 years @ $20 Million
One word — KAHHHHN. Seriously how is this man still earning an NBA paycheck. One of the biggest busts was just given some job security by one of the most bizzare GM’s in the biz (advised by none other than Rob Babcock). This signing further implies that the Wolves are looking to move Al Jefferson who has dealt with some injuries. Darko has yet to do anything in his NBA career and I would advise against holding your breath for such occurrence to take place.

Nikola Pekovic- Minnesota Timbewolves
3 years @ $13 Million
Nikola was the first player to be signed as free agency opened and another bizzare move by Davd Kahn. The Wolves signed the 6`11 center, who was the teams’ second round pick in 2008 to a 3 year, $13 million contract. Projected to go higher in 2008, his value dropped due to contract issues. Issues no more though as he was given the most lucrative deal ever signed by a 2nd round pick. Again — KAHHHHN!!

MOVED

Corey Maggette to Milwaukee <-> Charlie Bell & Dan Gadzuric to Golden State

Chris Douglas Roberts to Mulwaukee <-> 2012, 2nd round pick to New Jersey

Yi Jianlian to Washington <-> Quentin Ross to New Jersey