The New York Knicks were able to re-sign superstar Carmelo Anthony to a five-year deal worth $124 million.
It looks like they will be cutting some big checks early on in that deal.
Anthony is set to receive half of that $124 million up front as the Knicks will pay half of his salary each season in a cash payment up front, reports the Wall Street Journal. Anthony will make just shy of $22.5 million next season, he will get $11.25 million of that up front.
That will be the process in upcoming years as well so before his contract is all said and done, Melo would have received a little over $62 million, half the value of his entire deal, through advance payments.
According to collective-bargaining agreement rules, 50% of an annual salary is the maximum a player can take in the form of an advance.
It is worth noting that unlike the NFL, Anthony getting that much money upfront won’t impact the Knicks salary cap as they are still going to be way over the cap.
This process is becoming more common as J.R. Smith, who is also represented by Leon Rose, did the same thing last summer after signing a three-year deal for nearly $18 million.
With the potential of a lockout coming in 2017, it makes sense for Anthony and other NBA players to get as much of their money upfront as they can.