Updated 11:50 AM EST, Fri, Jan 15, 2021

NBA Free Agency Update: Signings, Trades, Rumors, & News

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Like the dam a beaver builds through a riverbed, LeBron James' decision to re-sign with Cleveland burst the NBA's free agency flood gates open.

The "King's" announcement forced teams-including his former Miami Heat -- and players to move to a plan B. It also made Carmelo Anthony's choice to stay in New York that much easier.

Late Saturday afternoon, news broke that Anthony would be heading back to the Big Apple, agreeing to a five-year deal worth $122 million. The Syracuse graduate visited with Chicago, Houston, and the Los Angeles Lakers last week.

Anthony- the second most coveted free agent on the market- ultimately decided on working with new Knicks president Phil Jackson and new head coach Derek Fisher. "At this pivotal juncture in my career, I owed it to myself and my family to explore all of the options available to me," Anthony announced on his website. "Through it all, my heat never wavered."

While New York celebrates their star's return, their neighbors across the East River lose one. Paul Pierce reportedly agreed to a two-year, $11 million contract with the Washington Wizards early Sunday morning.

While the deal is not official, Pierce all but confirmed it on his Twitter page posting "Obama, J Wall here I come."

The 36-year-old small forward was the lone bright spot in an underachieving Nets team last season. A supporting cast of Kevin Garnett, Deron Williams, Joe Johnson, and Brooks Lopez didn't work out as expected.

New Jersey expects to have the highest payroll in the league next season.

Pierce, meanwhile, joins a Wizards team reeling from the loss of Trevor Ariza. Houston initially signed Ariza to a four-year, $32 million deal but Washington received $8.5 million under a trade exception clause. It was essentially a sign-and-trade between the clubs.

Ariza's signing coincides with a trade that sends Jeremy Lin-along with first and second round draft picks in 2015- to the Lakers for the rights to European center Sergei Lishchuk.

Lin averaged 12.5 points and 4.1 assists with Houston last season but lost his starting job to the more defensive-minded Patrick Beverly.

The former Knicks' sensation will make about $15 million in 2014-15 though only $8 million will count against the Lakers. He joins Nick Young, who re-signed for four-years, $21.5 million over the weekend.

The Lakers venture below the NBA's salary cap for the first time since 1996, thanks in large part to Pau Gasol's decision to sign with Chicago. Gasol confirmed the signing via his Twitter page.

Even as an unrestricted free agent, Gasol accounted for $20.6 million of Los Angeles' salary cap. The Bulls are in a similar situation and will have to either trade or release Carlos Boozer to make room.

After mulling Houston's offer, Chris Bosh chose to keep his talents in South Beach. He agreed to a veteran maximum contract of five-years, $118 million that will have Bosh earning $23 million until he's 35 years old. The hope is that he and team president Pat Riley can lure Dwayne Wade back.

Sixteen-year NBA veteran Vince Carter reached a three-year, $12 to end his career in Memphis. The former Slam Dunk champion averaged 11.9 points, 3.5 rebounds, and 2.6 assists in Dallas last season.

For their part, the Mavericks and former Rocket Chandler Parson reportedly to a three-year offer sheet worth $45 million.

The NBA free agency offseason is just getting underway and notable names like Wade, Eric Bledsoe, and Jordan Crawford are still available. In additions, talks surrounding a trade for Minnesota's Kevin Love continue to make the rounds.

Many speculate Cleveland will work a sign-and-trade to have Love join James. Only time will tell if it comes to fruition.

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