Malik Monk has announced that he will be staying with the Kings next season and is expected to sign a four-year, $78 million contract with a player option for the final year. This decision was the result of negotiations between Monk and the team, and it appears that Sacramento will retain their beloved sixth man. However, this reported move raises questions about the team’s luxury tax situation.
With the re-signing of Monk, the Kings are now approximately $1 million into the luxury tax. Pending other moves, they are $6.3 million under the first apron and $17.1 million under the second apron. The total value of Monk’s projected earnings over four years amounts to $77.9 million.
This new contract could potentially push the Kings into taxpayer territory next season. With other financial obligations and one more roster spot to fill, adding Monk’s salary on top of existing commitments puts the team above the projected luxury tax line. To mitigate this, Sacramento may need to consider shedding contracts, like possibly Sasha Vezenkov and his $6.6 million cap hit.
Coming off a successful season as the NBA Sixth Man of the Year runner-up, Monk has earned $36 million in his first seven NBA seasons with different teams. He will now earn that amount over the next two seasons with the Kings. Negotiations began shortly after the NBA Finals, but the contract cannot be officially signed until July 6th.
General Manager Monte McNair and
