Designated Veteran Player Extension definition

Designated Veteran Player Extension means an Extension of a Contract entered into between a Team and its Designated Veteran Player that covers six (6) Seasons from the date the Extension is signed and provides for Salary for the first Salary Cap Year covered by the extended term equal to thirty percent (30%) or thirty-five percent (35%) (or such other percentage between 30% and 35% as agreed upon by the Team and the player) of the Salary Cap in effect during the first Season of the extended term. Annual increases and decreases in Salary and Unlikely Bonuses shall be governed by Article VII, Section 5(c)(3)).
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Examples of Designated Veteran Player Extension in a sentence

  • Unfortunately, these results may not apply to the NBA anymore as the league has recently implemented the Designated Veteran Player Extension rule that allows players to make more money by signing back with their current team rather thanswitching teams during free agency in an effort to combat the creation of “super teams” (Windhorst, 2016).

  • A team cannot sign a player to a Designated Veteran Player Extension if at any point in time in a current or future year the team has or will have included in its Team Salary more than two contracts (i) extended pursuant to this section, and/or (ii) signed pursuant to section B.4 below.

  • If a player and a team seek to enter into any Veteran Extension (other than a Designated Veteran Player Extension as described below) more than one year prior to the July 1 preceding the proposed first season of the extended term, then the extension may only be negotiated and signed during the off-season (i.e., from July 1 through the day prior to the first day of the regular season).

  • The maximum allowable salary in the first year of a Veteran Extension (other than a Designated Veteran Player Extension as described below) will be increased from 107.5% of the player’s salary in the last year of the original term of the contract to 120% of the greater of: (i) the player’s salary in the last year of the original term of the contract; or (ii) the estimated average player salary for the year in which the extension is signed.

Related to Designated Veteran Player Extension

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