News broke this afternoon that former UVA point guard London Perrantes is close to finalizing a two-way NBA contract with the Cleveland Cavaliers.
Sources: Cleveland and former Virginia guard London Perrantes are finalizing a two-way NBA contract. Perrantes was a Spurs' cut out of camp.— Shams Charania (@ShamsCharania) October 18, 2017
Perrantes played summer league with the San Antonio Spurs before being cut prior to the start of the season.
A two-way contract is a new implementation for this season that allows a player to “spend a finite amount of time with their respective NBA team and the rest of their season with a G-League affiliate.”
Each of the 30 NBA teams are allowed two, two-way contracts. Under one of these contracts, a player will spend their time with their team’s G-League (previously the D-League...it was bought out by Gatorade in the off-season) affiliate, but can be called up to the NBA for a maximum of 45 days throughout the season.
Perrantes would be the 50th signed two-way contract for this current season, and the second for the Cavaliers (John Holland out of BU is the other).
Here are some helpful details about the two-way contracts from our friends at SB Nation:
- The player can spend up to 45 days with the NBA team that signs him, although no time is guaranteed.
- The rest of the player’s contract must be spent in the G-League, either for the team’s affiliate or another’s if the team he signs with doesn’t have a G-League affiliate yet. For the 2017-18 season, the G-League will represent 26 of the NBA’s 30 teams.
- The player’s pay comes on a tiered salary system, which can last one or two seasons. While in the G-League, the player will make $75,000. It’s a significant increase from the current pay structure for G-Leaguers, who cannot make more than $26,000 with a one-way G-League deal.
- When in the NBA, a player with a two-way contract will accrue a day of service and make money consistent with an NBA rookie minimum, which is about $816,000 next season. If a player spends 45 days in the NBA, he could make around $204,000. In total, a two-way player who spends the maximum amount of time in the NBA would make $279,000.
The Cleveland Cavaliers opened their season last night, defeating the Boston Celtics 102-99.