Damian Lillard move becomes official

The Milwaukee Bucks waived Damian Lillard and Vasilije Micić to create cap space necessary to officially sign Myles Turner. Micić agreed to a buyout, returning $6.1 million, reducing the Bucks' cap hit on his contract to $2 million and allowing him to pursue opportunities in Europe or the NBA. These waivers enable the Bucks to stretch both contracts, avoiding exceeding the NBA's limit on stretched money (15% of the salary cap). Stretching Lillard's contract results in $22.5 million in dead money over the next five seasons, while stretching Micić's adds roughly $666,666 over the next three seasons.

Paolo Banchero agreed to a five-year maximum contract extension with the Orlando Magic. This deal could put the Magic over the second salary cap apron in 2026-27 if Banchero qualifies for the 30% "supermax". While the Magic have options to get back under the apron, they now have a very expensive roster with little flexibility, committing at least $155 million to their four highest-paid players (Banchero, Franz Wagner, Desmond Bane, Jalen Suggs) for each of the next three seasons.

The Philadelphia 76ers signed Kyle Lowry, leaving them $19.7 million below the second apron with 14 players signed. Restricted free agent Quentin Grimes is expected to fill the 15th roster spot. While the Brooklyn Nets could generate cap space to potentially outbid the Sixers for Grimes, Philadelphia has options to create more room, such as trading or stretching Andre Drummond's contract.

As a result of the modified Jrue Holiday trade, the Portland Trail Blazers received two future draft picks: New York's 2030 second-round pick and Portland's own 2031 second-round pick.