The Phoenix Suns have waived Chris Paul, making him a free agent (2024)

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The Phoenix Suns have waived Chris Paul, making him a free agent? ›

The Chris Paul era in Phoenix has come to a close. In a surprising move, the Suns will reportedly waive the veteran point guard, according to B/R and TNT's Chris Haynes, making him a free agent. Chris Paul plans to play for several more years and is eager to help a team contend for a championship, sources say.

Chris Paul's tenure with the Phoenix Suns has officially come to an end as he was, in priciple, agreed to be traded for Bradley Beal on Sunday.

Suns on the hook for $16 million

Paul has two years to go on his four-year, $120 million contract, but the Suns only owe Paul $15.8 million guaranteed for 2023/24 and have no guaranteed financial commitment for 2024/25.

But the Suns preliminarily agreed on Sunday to a trade with the Washington Wizards for guard Bradley Beal, a three-time All-Star who will turn 30 next week. Paul, 38, was included in the deal.

“The easiest of the Warriors hard decisions seems to be waiving Chris Paul. Paul has a $30 million contract for next season. If Golden State was still competing for titles, the prudent strategy would be to guarantee Paul's deal and to use that $30 million as salary-matching in a trade,” Smith wrote.

The new contract could keep Paul with with the Suns until he's 40 years old. Phoenix confirmed the news on Friday. BREAKING NEWS: Free agent star Chris Paul reaches agreement with Phoenix Suns on four-year, up to $120 million contract that will expire when he's 40, league sources tell @YahooSports.

L.A. agreed to part ways with Pau Gasol and Lamar Odom in exchange for the then-26-year-old point guard, who would eventually become one of the best playmakers in NBA history. However, the late David Stern — who served as the NBA's commissioner — vetoed the deal.

The salary cap is a record $135.021 million for the 2023-24 NBA season. Topping the list of the season's highest salary for a third year in a row is Golden State Warriors superstar Stephen Curry.

28.4 million USD (2023)

Chris Paul / Salary

In a league loaded with millionaires, Phoenix Suns center Bismack Biyombo is one in a million. The 11-year NBA veteran is giving up his entire salary this season — $1.3 million — to build a hospital in his home country, the Democratic Republic of the Congo.

Why is Chris Paul leaving the Suns? ›

Phoenix believed Paul would be a great addition to a roster that included Devin Booker and Deandre Ayton, but he wasn't the best fit on a team that was able to play at a much faster pace without him. Paul's scoring had also declined in each of his three seasons with the Suns.

Paul - during an interview with Good Morning America - says he was surprised by the trade. "I was surprised, too," Paul said. "I found out on the plane yesterday flying here. In this league anything can happen, so you just figure out what's next."

"My son again … I was at my gym right here in Winston playing pick-up, hoopin,' " Paul told Czarniak in Winston-Salem, N.C. "After the game got over at 1, little Chris came over and told me. I was excited to get a chance to go play for a franchise like that with the great players they have.

The Warriors have until June 28 to decide whether they want to exercise Paul's $30 million team option for the 2024-25 season or waive him. If he is waived, he will become a free agent.

25.81 million USD (2023)

Draymond Green / Salary

Inside Joe Lacob's history, net worth and purchase of Golden State. Before he became the majority owner of the Golden State Warriors, Joe Lacob was a fan of the team. He was a true diehard, a season ticket owner during the losing seasons and now is regular sight courtside.

As part of the deal, the Suns sent forward Keita Bates-Diop, guard Jordan Goodwin and three future second-round picks to the Nets, and forward/center Chimezie Metu, forward Yuta Watanabe and a 2026 first-round pick swap to the Grizzlies.

Chris Paul is one of the oldest players in the NBA at 39 years old. While he may have a year or two left in the tank to give a team some quality minutes, the future Hall of Fame guard is starting to think about his life after he's done playing basketball.

Paul's $30 million salary for next season becomes fully guaranteed on June 28 if Golden State does not waive him ... or if the Warriors trade him to a team that decides to keep him.