Sixers Create Financial Flexibility By Waiving Trevelin Queen, Charles Bassey And Isaiah Joe

The Philadelphia 76ers entered training camp well over the 15-man regular-season roster limit. They rectified that issue by waiving reigning G League MVP Trevelin Queen on Sunday and Charles Bassey and Isaiah Joe on Thursday, according to multiple reports.

By waiving Queen, Bassey and Joe, the Sixers gave themselves more than $5.5 million in wiggle room under the luxury-tax apron, which could come in handy later this year.

Because the Sixers signed P.J. Tucker and Danuel House Jr. using the non-taxpayer mid-level exception and bi-annual exception, respectively, they are not allowed to cross the $156.983 million apron at any point between now and June 30. Heading into training camp, they had more than $156 million on their books, which left them less than $1 million below the apron.

Queen signed a two-year, $3.3 million minimum contract with the Sixers this summer, $300,000 of which was guaranteed. He was set to earn roughly $1.6 million in 2022-23, although he would have counted as $1.8 million for apron purposes (the value of a veteran-minimum contract for someone with two years of NBA experience). By waiving him, the Sixers trimmed $1.3 million in salary from their books and created $1.5 million in space below the apron.

Bassey was heading into the second year of the three-year, $4.3 million contract he signed ahead of last season. Roughly $75,000 of it was guaranteed this year, and all $1.8 million in 2023-24 was fully non-guaranteed. By waiving him, the Sixers cleared roughly $1.5 million of salary from their books and created that much more space under the apron, too.

Joe was heading into the last year of the three-year, $4.2 million deal he signed after the Sixers elected him with the No. 49 overall pick in the 2020 draft. All $1.8 million of his salary for this season was fully nonguaranteed until opening night, so the Sixers won’t have any dead-cap hit for him on their books.

With Queen, Bassey and Joe gone, the Sixers now have roughly $151.4 million in salary, which leaves them roughly $5.6 million under the apron. That could come in handy as they weigh potential roster upgrades during the regular season.

The Sixers will face two main hurdles if they look to make further alterations to their roster: salary-matching rules for trades and the hard cap.

Because the Sixers are in luxury-tax territory, they can receive no more than 125 percent of the salary they send out in a trade, plus $100,000. With James Harden, Tobias Harris and Joel Embiid each earning north of $30 million this season, the Sixers don’t have the type of mid-tier salary-matching contracts that they’d need to seamlessly acquire someone in the $15-20 million range.

Tucker ($10.5 million) and De’Anthony Melton ($8.3 million) are the fourth- and fifth-highest-paid Sixers this season, but both of them should be mainstays of the rotation. Beyond those two, the Sixers’ best salary-matching chips are Furkan Korkmaz ($5.0 million) and Matisse Thybulle ($4.4 million).

If the Sixers sent those two out in a trade, they could receive no more than $11.8 million salary in return. At most, they would be adding $2.4 million in salary to their books, which would still leave them $3.2 million below the apron.

Even if the Sixers added one of their other small contracts to the Korkmaz-Thybulle package—Jaden Springer ($2.1 million) or Shake Milton ($2.0 million) are the most likely candidates—they’d be limited to taking back around $14 million in salary. They’d be sending out at least $11 million in any of those permutations, which would again leave them with enough wiggle room under the apron to make such a move legal.

That financial flexibility could also come in handy if the Sixers hope to sign another free agent. They’ve already used their mid-level and bi-annual exceptions, but they could still offer a veteran-minimum contract to anyone on the free-agent market.

At most, the Sixers would add $1.8 million to their books if they sign another player to a minimum contract. While the minimum salary is higher than that for players with three or more years of NBA experience, the league office would reimburse the Sixers for anything above the value of the minimum salary for a two-year veteran.

Since the Sixers only have 14 players under contract at the moment, they do have a roster spot available. However, they might wait to sign another player since minimum salaries start to prorate once the regular season begins.

Although the Sixers did create some financial flexibility by waiving Queen, Bassey and Joe, the proximity to the apron and their lack of mid-sized salary-matching contracts will limit their trade options this season. They were reportedly in pursuit of Eric Gordon this offseason, according to Kelly Iko of The Athletic, but it would be difficult for them to cobble together enough money to match his $19.6 million salary and stay under the apron.

If they do hope to land an upgrade in the trade market, someone in the $8-12 million range might be their best bet. Phoenix Suns forward Jae Crowder is one such potential option—he’s currently staying away from the team as it looks to find him a new home—but Paul Hudrick of Liberty Ballers reported that the Sixers “are not in” on him at the moment.

Other targets will inevitably emerge once the season begins and teams figure out whether they’re legitimate playoff contenders. The race to the bottom for once-in-a-generation prospect Victor Wembanyama could cause some teams to embark upon earlier-than-usual fire sales, too.

Either way, the Sixers have now given themselves the financial breathing space to pursue upgrades as needed throughout the season.

Unless otherwise noted, all stats via NBA.com, PBPStats, Cleaning the Glass or Basketball Reference. All salary information via Spotrac or RealGM. All odds via FanDuel Sportsbook.