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LeBron James is officially a Philadelphia 76er. Confirmation arrived overnight via an update to the NBA's transaction log, stating: "The Philadelphia 76ers have signed forward LeBron James." The agreement was reportedly finalized in the early hours.
The NBA's all-time leading scorer had already announced on Friday, through social media, that he had reached an agreement to join the 76ers for what will be his 24th season in the league. According to a league source with direct knowledge of the process, who spoke to The Athletic on condition of anonymity, the contract is for two years and is valued at $8 million.
To facilitate James's signing and comply with NBA salary cap rules, the 76ers waived forward Dalen Terry on Sunday. This maneuver allowed the Philadelphia team to add James's salary to their payroll without exceeding the league's first apron.
Dalen Terry, 24, was the 18th pick in the 2022 Draft by the Chicago Bulls, where he played his first three and a half seasons. Before last season's trade deadline, the Bulls traded him to the New York Knicks for Guerschon Yabusele. On the same day, the Knicks sent Terry to the New Orleans Pelicans, receiving guard Jose Alvarado in return.
After being waived by the Pelicans, Terry signed with the 76ers, where he appeared in 14 games last season, averaging 4.1 points, 1.6 rebounds, and 1.6 assists.
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