NBA free agency 2025: Live updates, news, rumors as Deandre Ayton reportedly agrees to terms with the Los Angeles Lakers, Shai Gilgeous-Alexander signs reported extension with Thunder

The NBA free agency period opened with significant activity starting Monday night and continuing through Tuesday and Wednesday. Key moves included reigning MVP Shai Gilgeous-Alexander signing a four-year, $285 million supermax extension with the Oklahoma City Thunder, while Myles Turner joined the Milwaukee Bucks on a four-year, $107 million deal. To accommodate Turner, the Bucks waived Damian Lillard using the stretch provision, removing $113 million from their books.

Additional transactions saw Jonas Valanciunas traded to the Denver Nuggets from Sacramento for Dario Saric, Dennis Schröder signing with the Sacramento Kings, and Jakob Poeltl agreeing to an extension with the Toronto Raptors. On Wednesday, Deandre Ayton reportedly agreed to a two-year deal with the Los Angeles Lakers, including $34 million for the upcoming season partially funded by a buyout from Portland.

When free agency officially opened Monday night, the NBA set the 2025-26 salary cap at $154.647 million, a 10% increase. Early signings included Jaren Jackson Jr.'s five-year, $240 million max extension with Memphis and Denver trading Michael Porter Jr. to Brooklyn for Cam Johnson. Other Monday agreements featured Dorian Finney-Smith ($53 million with Houston), Ty Jerome ($28 million with Memphis), and D’Angelo Russell ($13 million with Dallas).

Pre-agency weekend trades involved Phoenix sending Kevin Durant to Houston for Jalen Green, Dillon Brooks, and a draft pick, while Boston traded Jrue Holiday to Portland and Kristaps Porziņģis to Atlanta. Several stars opted to stay with their teams: LeBron James exercised his $52.6 million option with the Lakers, James Harden signed a two-year, $81 million deal to remain in Los Angeles, and Julius Randle agreed to a three-year, $100 million contract with Minnesota.