Directed by general manager Rafael Stone and armed with a league-leading figure of more than $60 million in financial room beneath the NBA’s 2023-24 salary cap, the Houston Rockets were expected to be very aggressive on the market once 2023 free agency negotiations officially began at 5 p.m. Central on Friday afternoon.
Stone and other team executives are in Los Angeles, where they can meet in-person with many of their targets from around the NBA. And it didn’t take long after the opening bell to reach their first deal.
Longtime Raptors point guard Fred VanVleet, who played a key role in Toronto’s 2019 NBA championship, agreed to sign with the Rockets on a three-year, $130-million deal. VanVleet instantly becomes a focal point for new head coach Ime Udoka as a shooter, facilitator and hard-nosed defender. Perhaps most importantly, Houston views the 29-year-old’s leadership qualities as a good fit in an otherwise young locker room.
A 6-foot-1 guard, VanVleet averaged 19.3 points (34.2% on 3-pointers), 7.2 assists, 4.1 rebounds and 1.8 steals in 36.7 minutes per game last season. He’ll instantly slide in as Houston’s starter at point guard, with highly drafted rookie Amen Thompson backing him up.
From media members, fans, and analysts in Houston and around the league, here’s a look at initial reaction to the agreement. After this deal, Stone and the Rockets effectively have about $26 million in cap space left, along with a room exception potentially usable on an annual salary worth up to approximately $8 million.