Sixers match Utah Jazz offer sheet for Paul Reed, keeping the reserve center in Philly

Paul Reed will remain with the 76ers.

There was a thought that Sunday’s deadline to match the restricted free agent’s offer sheet from the Utah Jazz would come and go without the Sixers signing it. However, the Sixers matched it late Sunday night.

Reed will receive a three-year, $23 million contract to remain with Philly,

Matching the offer sheet put the Sixers in a less-than-ideal financial situation. But it also enabled them to keep their backup center and Philadelphia fan favorite.

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With Reed’s signing, the Sixers exceeded the $165.2 million luxury-tax threshold and will incur an additional $14 million hit in luxury-tax penalties by matching it. The backup center also has veto power on a trade for a season due to remaining a Sixer.

The Sixers have $171.1 million in active roster cap space and still have two roster spots to fill. Also, they’re making a huge investment on a player at an already crowded position.

Joel Embiid, the league MVP, is the starting center. The Sixers announced the signing of Mo Bamba on Sunday. They will re-sign Montrez Harrell. And Filip Petrušev, a Sixers 2021 second-rounder who has been stashed overseas the past two seasons, had hoped to somehow make this upcoming season’s roster as a reserve big man.

Aware of the Sixers’ cap situation, the Jazz kind of dared them to pay the tax for a player at an overcrowded position when there’s more transactions to be made.

That was obvious by the stipulations in the contract.

The first season of the deal is guaranteed for $7.3 million. The two following seasons will become guaranteed if the team he’s playing for advances to the conference semifinals this season.

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The Jazz finished 37-45 last season, missing the playoffs. A second-round appearance this season would be a huge turnaround.

Based on the Sixers’ status as an elite team, they would most likely have to guarantee the final two seasons of his deal. The Sixers suffered Eastern Conference semifinal exits in five of the last six seasons. And advancing beyond that round will be a point of emphasis in training camp.

Reed averaged 4.2 points and 3.8 rebounds in 69 games during the regular season. He had played in just 64 combined games his first two seasons.