In his annual All-Star Weekend address, David Stern announced that the NBA is projected to lose a total of $400 million dollars this season. While it may not come as a surprise that the NBA isn’t doing so well, losing $400 million dollars in one season would classify as an outright failure.
In fact, Stern said that the NBA has lost at least $200 million dollars per season since the beginning of 2005. You could blame this recent rough spot on the sagging economy, and that certainly plays a part, but Stern has also placed the blame elsewhere.
He mentioned that one of the biggest problems in the NBA is that players are simply making too much money. With the advent of the new collective bargaining agreement in 2005, NBA players are signing longer contracts for more guaranteed money than ever before.
This means that when a superstar doesn’t pan out (or gets injured), the team that signed him to a long term deal is stuck with a huge contract.
Of course, there’s a big difference between a team that signed a superstar in the prime of his career to not have it work out, and a team that gave some guy who’s a career back up a five year, $40 million dollar contract.
The NBA regular season may be over, but owners are still feeling the sting of having to dish out these huge deals. Looking over these 10 examples, the NBA might want to change their slogan to; the NBA, where ridiculous contracts happen.
Some of the contracts that weren’t quite ridiculous enough to make the list were; Tyson Chandler ($11.7 million), Brad Miller ($12.25 million), Erick Dampier ($12.11 million), Andris Biedrins ($9 million), Mike Dunleavy ($9.78 million), Adam Morrison ($5.27 million), Darko Milicic ($7.54 million), Vince Carter ($16.1 million), Etan Thomas ($7.9 million), Andres Nocioni ($7.5 million), Kenyon Martin ($15.85 million), Richard Jefferson ($14.2 million), Hedo Turkoglu ($9 million), and Gilbert Arenas ($16.19 million).