Even as the Isaac Okoro situation looms, the Cleveland Cavaliers have made most of their major moves in the 2024 offseason. Following the massive contract extensions the Cavs agreed to with their star players, they made a move to create some extra flexibility using the contract of Ricky Rubio.
The Cavs waived Rubio in January and the veteran point guard promptly retired from the NBA, playing his final two seasons in the league in Cleveland. But he still has money on the books. The team wasn’t in danger of dipping into the second apron but it clearly wanted some more wiggle room.
According to Bobby Marks of ESPN, the Cavs are stretching the rest of Rubio’s money over three seasons, lowering his cap hit to well under $500,000 per season. This helps them open up more room below the luxury tax line, though it will add some more money in future years.
Cavs stretch Ricky Rubio contract after busy offseason
Rubio played just 67 games across his two seasons with the Cavs but provided steady guard play while Darius Garland, Evan Mobley and Jarrett Allen came into their own. Donovan Mitchell joining the scene catapulted them back into the playoffs but those years of building up to something were made easier by Rubio, who averaged 9.2 points and 5.1 assists per game as a key backup.
The Cavs’ payroll now stands at $159 million, according to capsheets.com. They have plenty of space to go before getting hit with penalties. As they potentially need to make big moves down the line to fortify their core, staying out of the luxury tax will be very helpful. Cleveland still has to fortify its wing rotation and keep money open for future extensions for Mitchell, who has a player option in the final season of his new deal.
After winning their first playoff series since 2018, the Cavs are looking to contend in the Eastern Conference.