76ers Rumors: Paul Reed's 3-Year, $23M Jazz Contract Offer Sheet Matched by PHI

BBall Paul will reportedly be back in Philly.

According to ESPN's Adrian Wojnarowski, Paul Reed will return to the Philadelphia 76ers after they matched a three-year, $23 million offer sheet from the Utah Jazz.

Reed's agent, Ron Shade of Octagon Basketball, initially relayed news of the Jazz offer sheet to ESPN's Adrian Wojnarowski on Saturday, July 8. Philadelphia then had until Sunday at 11:59 p.m. ET to match the offer sheet and keep Reed aboard.

Reed, 24, has played three NBA seasons, all with the 76ers. Philadelphia selected the ex-DePaul star with the No. 58 overall pick in the 2020 NBA draft. He hasn't seen that much court time during his pro tenure, but that's largely because he's roadblocked by NBA MVP Joel Embiid.

When given the opportunity, Reed has done quite well in Embiid's absence. He filled in for Embiid for two playoff games this past season after the center suffered a sprained LCL.

Reed posted 10 points and 15 rebounds in a sweep-clinching win over the Brooklyn Nets in Round 1 before dropping 10 points and 13 boards in Game 1 of the team's Eastern Conference semifinals series against the Boston Celtics.

Reed also closed the regular season with a 17-point, 10-rebound, five-block outburst versus the Nets.

In total, Reed averaged 4.2 points on 59.3 percent shooting and 3.8 rebounds in 10.9 minutes per game last season.

As ESPN's Adrian Wojnarowski reported, the 76ers will now have to pay an additional $14 million in luxury tax penalties because they exceeded the $165 million luxury tax threshold.

The contract also has an interesting stipulation based on team performance, per Wojnarowski:

"One of the terms of the offer sheet provides a unique twist: The first season of the contract is fully guaranteed and the two following become guaranteed for $15.7 million if Reed's team advances to conference semi-finals in the 2023-24 season, sources said."

That's a price Philadelphia was clearly willing to pay to get Reed back into the mix, however. Now the 76ers lock up great depth behind their franchise cornerstone, checking a big box on the offseason list.