Stoudemire’s Historic Pay Cut is Biggest of Offseason

Amar’e Stoudemire moved into very exclusive company this summer.

By accepting the veteran’s minimum of $1.5 million in signing as a free agent with the Miami Heat, Stoudemire became just the second player in NBA history to take a $20 million pay cut.

Last season, Stoudemire was on the books for $23,410,000, the final season of the five-year deal worth about $100 million he signed with the New York Knicks in 2010. That was the summer that the Knicks tried to position themselves to land LeBron James but did not, signing Stoudemire as a consolation prize.

In February, the Knicks waived Stoudemire after negotiating a buyout of his contract. Virtually all of the reports indicated that Stoudemire gave back a portion of his salary, but only Yahoo! provided a number, reporting Stoudemire gave back “close to $2 million.”

If Stoudemire received his entire salary, his one-year pay cut would be $21.9 million. If he gave back close to $2 million, his pay cut would be approximately $20 million.

A handful of players have taken pay cuts approaching $20 million. The first was Karl Malone, who went from $19.25 million to $1.5 million in 2003, when he left the Utah Jazz for the Los Angeles Lakers.

In 2010, Shaquille O’Neal took a pay cut of nearly $18.7 million when he signed for the veteran’s minimum with the Boston Celtics for what turned out to be his final season. One year earlier, Allen Iverson took a pay cut of more than $19.5 million when he was turned loose by the Detroit Pistons and signed for the veteran’s minimum with the Memphis Grizzlies (and later Philadelphia).

But as far as we could turn up, the only player who previously had taken a pay cut of more than $20 million was Tracy McGrady, who made $23.24 million in the 2009-10 season with Houston and New York, then signed with Detroit that summer for the veteran’s minimum of $1.35 million. That is a reduction of $21.89 million, believed to be a record.

At least, possibly, until next summer, when Joe Johnson’s $24.89 million comes off the Nets’ books.

Stoudemire tops this summer’s list of the biggest pay cuts, which you will find below. As we did last year, we did not include players still receiving amnesty payments such as Luis Scola. We also did not include players who have yet to sign deals such as Landry Fields ($8.5 million last season) or Tayshaun Prince ($7.7 million).

As a final note, Larry Sanders is taking one of the bigger pay cuts at over $9 million even though he is not expected to play this season. Sanders made $11 million with Milwaukee last season, when he was bought out of the four-year, $44 million contract extension he signed in 2013. The buyout calls for Sanders to receive $1.87 million this season – and each of the ensuing six seasons through 2021-22.

1. Amar’e Stoudemire, Miami (pay cut of $20 million). Stoudemire, 32, entered free agency looking for a team to give him one of their salary cap exceptions, perhaps in a multiyear deal. But his injury history worked against him and forced him to accept a minimum offer from the Heat to back up Hassan Whiteside at center if/when Chris Andersen is dealt. While his yearly salary now resembles his previous bi-weekly salary, this was a pretty good deal for Miami.

2. Jeremy Lin, Charlotte ($12.76 million). While Lin’s cap figure last season was about $8.3 million, his true salary was $14.9 million for the final year of the three-year, $25 million “poison pill” contract he signed with Houston in 2012. Through a loophole in the CBA, that deal was averaged across Houston’s annual payroll but actually paid Lin nearly $15 million last season, which he spent with the Lakers. He signed with the Hornets for the bi-annual exception of $2.14 million, a salary more in line for a backup, which he will be this season.

3. David West, San Antonio ($10.5 million). West made $12 million last season and was due to make $12.6 million this season but opted out of his contract when he saw that the Indiana Pacers were retooling and taking a step back in contending for a title. In free agency, West said his priority was winning, and he proved it by signing with the Spurs for the veteran’s minimum of $1.5 million, another awesome move for the money. West was lauded for his unselfishness, but he had done this before – although not as dramatically – choosing Indiana’s contention readiness over Boston’s money in 2011.

4. Andrea Bargnani, Brooklyn ($10.5 million). The numbers are the same as West’s for the former top overall pick, who became the target of boobirds at Madison Square Garden and continues to negatively impact the Knicks. (New York’s 2016 first-round pick was dealt to Toronto in the Bargnani fleecing.) At the vet minimum, he may end up being a bargain as a reserve stretch-4 for the Nets. But don’t tell Bargnani that the bridges from Manhattan to Brooklyn don’t have tolls.

5. Deron Williams, Dallas ($8.88 million). Based on his differential, this would be the spot for Sanders if he were active. Instead, it goes to Williams, another waive-and-stretch guy looking for a fresh start in his hometown. Williams made $19.75 million last season with Brooklyn, losing his starting job for a time and posting his worst numbers since his 2005-06 rookie season in Utah. This season, he gets $5.47 million from the Nets and $5.4 million from the Mavs for a total of $10.87 million, which still seems like a bit much.

The list continues below the chart.

PLAYER	2014-15	2015-16	PAY CUT
Amar’e Stoudemire, MIA	$21,500,000	$1,500,000	$20,000,000
Jeremy Lin, CHA	$14,900,000	$2,140,000	$12,760,000
David West, SAS	$12,000,000	$1,500,000	$10,500,000
Andrea Bargnani, BRK	$12,000,000	$1,500,000	$10,500,000
Deron Williams, DAL	$19,750,000	$10,870,000	$8,880,000
Kendrick Perkins, NOR	$9,590,000	$1,500,000	$8,090,000
Marcus Thornton, HOU	$8,700,000	$1,190,000	$7,510,000
Josh Smith, LAC	$14,000,000	$6,900,000	$7,100,000
Rudy Gay, SAC	$19,320,000	$12,400,000	$6,920,000
Zach Randolph, MEM	$16,500,000	$9,640,000	$6,860,000

6. Kendrick Perkins, New Orleans ($8.09 million). Another buyout casualty from last season after he was traded from Oklahoma City to Utah and ultimately landed with Cleveland. He made $9.59 million in the final year of a contract extension he signed in 2011 that undoubtedly played a role in the Thunder’s decision to trade James Harden, one of the worst deals in NBA history. He signed a vet minimum deal with the Pelicans and will be on that pay scale for the remainder of his career.

7. Marcus Thornton, Houston ($7.51 million). He got an absurd four-year, $33 million contract from Sacramento in 2011 that paid him $8.7 million last season, which he spent with Boston and Phoenix. During that deal, his scoring average dropped from 18.7 points to 12.7 to 9.8. to 7.9, which somewhat explains why his only nibble in free agency came from Miami before the Rockets signed him to a vet minimum deal of $1.19 million. However, his skill set makes him a good fit in Houston.

8. Josh Smith, LA Clippers ($7.1 million). Like Williams, Smith will be drawing two paychecks this season. He will get $5.4 million from the Detroit Pistons after they waived and stretched him over the next five years. Plus he will get the $1.5 million veteran’s minimum from the Clippers for a total of $6.9 million. That is less than half of the $14 million he made last season, but when he said, “I do have a family. So, it is going to be a little harder on me this year,” he caught undue flak on social media, including from some clueless writers who never had their salary cut in half and don’t understand that every pro athlete should be trying to get all that he can while he can.

9. Rudy Gay, Sacramento ($6.92 million). The first player on the list not to change teams, Gay is here simply through his own insecurity. Long labeled an overpaid player – in fact, he has never been an All-Star – Gay made $19.32 million last season and appeared ticketed for free agency this summer. But a month after the NBA announced its humongous new TV deal, the 28-year-old Gay inexplicably decided to forgo future free agency and instead signed a three-year, $40 million extension that pays him $12.4 million this season. Once Gay gets a look at the money being thrown around next summer, you can bet he opts out in 2017, when he will be 30.

10. Zach Randolph, Memphis ($6.86 million). His situation is similar to Gay’s but not the same. Randolph just turned 34, has found stability in Memphis and still believes he can be part of something special with a core group that has had extended success. In June 2014, Z-Bo opted into the final year of his previous deal at $16.5 million last season, then quickly agreed to a two-year, $20 million extension that pays him $9.64 million next season. And if he’s still confounding more athletic bigs two years from now, he can get in on the 2017 free agency bonanza.

ET CETERA: Last summer’s list also included just two players who did not change teams – franchise mainstays Dirk Nowitzki, who topped the list at a cut of $14.75 million, and Kobe Bryant, who was ninth at $6.95 million, even though he remained the game’s highest-paid player. … We did not use amnesty players on this list, but if we did, Luis Scola would have crashed the top 10 as he dropped from $11.4 million (total from Houston and Indiana) to $3 million (from Toronto). … Carlos Boozer, 33, is another amnesty player who remains unsigned. He made $16.8 million from Chicago and the LA Lakers last season and is in line only for a veteran’s minimum deal, which would generate a pay cut of over $15 million. … Even if free agent center JaVale McGee signs a vet minimum deal, he still will be getting a pay raise. He made $11.25 million last season, when Denver traded him to Philadelphia. The 76ers waived McGee but didn’t stretch him and have his $12 million on their books this season.

Chris Bernucca is the managing editor of SheridanHoops.com. Follow him on Twitter.