76ers free agent Paul Reed Jr. signs Jazz offer sheet

Paul Reed Jr., forward for the Philadelphia 76ers as a restricted free agent, has signed a three-year, $23 million deal with the Utah Jazz, his agent Ron Shade of Octagon Basketball told ESPN on Saturday.

Reed signed the offer sheet Saturday morning. The Sixers have until 11:59 p.m. ET Sunday to reach and retain Reed or have him go to the Jazz.

One stipulation of the bid sheet includes a unique twist: the first season of the contract is fully guaranteed, while the following two seasons will be guaranteed if Reed’s team reaches the 2023-24 conference semifinals, sources said. Given the location of the two franchises, the Sixers are more likely to have to guarantee the combined $15.7 million for the 2024-25 and 2025-26 seasons than the Jazz.

If the 76ers match the bid sheet, they would exceed the $165 million luxury tax threshold and pay an additional $14 million in luxury tax penalties. Reed would have veto power on deals for a year if he stayed in Philadelphia.

Reed was something of a revelation for the Sixers last season, playing 69 games — more than the 64 he played in his first two seasons together. Reed, the 58th pick in the 2020 NBA draft, was among the top 10 in offensive rebounding percentage last season, according to ESPN Stats & Information.

In four starts in the 2022–23 season, including the regular season and postseason, Reed averaged 11.8 points and 11.5 rebounds. In his first playoff start, he had 10 points and 15 rebounds in Game 4 against the Brooklyn Nets. Reed became the first Sixers player since Samuel Dalembert in 2005 to score 15 points in his postseason debut.

ESPN’s Bobby Marks contributed to this report.