Details on Childress Contract, Cap Ramifications

Re-capping the work of Mr. Sekou Smith in today's AJC in which the relevant information was spread across two stories.

First, money:

Olympiakos offered three years and $32.5 million, which after taxes paid by the club becomes a net of salary of about $6.7 million a year for Childress.

The Hawks offered five years and $33 million, which after taxes paid by Childress becomes a net salary of about $3.4 million per year for Childress.

Next, the perks:

Olympiakos also pays for all of Childress' living expenses, including luxury accommodations, a car and driver and maid service.

Then, the opt-out clause:

Childress also has an annual opt-out clause in the contract that will allow him to weigh his NBA options, as a restricted free agent provided the Hawks tender a qualifying offer to him, every summer.

About that qualifying offer:

By retaining Childress' NBA rights there are salary-cap implications the Hawks have to contend with where he is concerned. Since his qualifying for the upcoming season was just $4.8 million, the Hawks don't even have the full mid-level exception to work with in finding his replacement.

I haven't yet learned whether or not the dollar figure of the qualifying offer changes from year to year.

Finally, the contract with Olympiakos does not include a buyout clause:

There is no buyout clause in the contract, meaning Childress won't have to negotiate a compensation package for Olympiakos if he were to return to the NBA before the end of the three year deal.

My guess is that the Hawks find a way screw up the paperwork necessary to submitting a valid qualifying offer for Childress at some point in the next two years and forfeit his rights completely.