The 2019-20 season was a bridge year to the future for the Golden State Warriors.
Instead of having Stephen Curry, Klay Thompson and Draymond Green competing for another NBA Finals appearance, Golden State was left with a roster of G League players and recent draft picks.
Now, heading into the 2020-21 season, the Warriors return the core of their championship teams along with two prized draft picks -- the No. 2 pick this year and a 2021 first-rounder from the Minnesota Timberwolves.
Here are the big trade, free-agency and draft decisions facing the Warriors as they try to quickly contend for another title.
Note: The financials in here are based on the salary cap and luxury tax holding at the 2019-20 levels, as expected.
MORE: Biggest trade, free agency and draft decisions for every eliminated NBA team
The options in the lottery
Despite finishing with the worst record in the NBA, Golden State is not guaranteed a top-three pick in 2020. Due to a change in lottery procedure, the Warriors have a 47.9% chance of sliding all the way back to No. 5, with a 12% chance of landing at No. 4.
While we won't know where Golden State will pick until the lottery draw on Aug. 20, let's explore the different options that this front office could face in June.
Keep the pick
ESPN's draft experts Jonathan Givony and Mike Schmitz have shooting guard Anthony Edwards, point guard LaMelo Ball and center James Wiseman as the best available players in this class. Small forwards Isaac Okoro and Deni Avdija round out the top five.
However, unlike in 2019 when Zion Williamson, Ja Morant and RJ Barrett were the consensus first three picks among front offices, the same cannot be said this year. Because there is no clear-cut favorite, teams at the top could be drafting more on need rather than taking the best available prospect.
Because the Warriors face real roster restrictions in free agency, playing the conservative card and just keeping the top-five pick likely will be the best option. A player such as Edwards or Wiseman would make an impact next season and could be the Warriors' lone addition in the offseason.
Move back in the lottery
This is what the Pelicans did last year. Instead of keeping the No. 4 pick, New Orleans found a trade partner in Atlanta that had two picks in the top 16.
The Warriors will need to determine if two picks later in the first round is more appealing than one of the top prospects. Would Golden State swapping No. 2 with No. 4 and No. 16 via Minnesota make sense? What about calling the Knicks to move back to No. 5 in exchange for Dallas' future firsts owed to New York (unprotected in 2021 and top-10 protected in 2023)? Boston also projects to have three picks late in 2020's first round.
A trade like this would give the Warriors two shots at finding a real contributor in the draft, along with additional trade options heading into the 2021 deadline.
Explore the All-Star trade market
Unlike 2018-19, when Anthony Davis asked out of New Orleans before the trade deadline, this season was quiet when it came to disgruntled All-Stars, but things change quickly in the NBA.
Teams are waiting to see if Bradley Beal becomes available in trade talks or if Giannis Antetokounmpo forgoes signing a supermax contract in Milwaukee. There are eyes on the 76ers' roster, especially if they are bounced in the first round. And John Collins is an intriguing target if he can't agree to an extension with the Hawks.
Despite the lottery pick this year and the top-three protected 2021 first-rounder from Minnesota, the Warriors face the obstacle of putting together enough salary to send out in a trade for any of these players. Removing Curry, Thompson and Green leaves Golden State with only the Andrew Wiggins contract to use in a deal (with upcoming annual cap hits of $29.5 million, $31.6 million and $33.6 million).
For a team looking to rebuild, taking on what is owed to Wiggins will only be desirable if the picks attached are stunning.
The timeline of the $17.2 million trade exception
The Warriors will have an additional three months from the original July 7 deadline to use the largest trade exception in the NBA. The new, projected Oct. 24 date is a result of free agency starting on Oct. 18. How the Warriors use the exception will come down to team finances.
On top of the salary owed to a player who is acquired using the exception, Golden State will pay a substantial luxury tax penalty. Based on the original $139 million luxury tax projection, Golden State's tax penalty stands at $45 million. If the tax threshold drops to $132.7 million, an extra $24 million is added.
In any scenario, using any amount of the $17.2 million trade exception is going to be expensive. Trading for a player making $4 million would add $15 million to $17 million onto the tax bill (depending on the tax line), while a $16 million player would mean an additional $69 million to $79 million in tax payments.
The actual trade mechanics of the exception are also tricky. The exception cannot be aggregated with another player's salary to take back more than the $17.2 million amount, limiting the pool of players Golden State can trade for.
The Steph Curry extension
Three years removed from signing the first $200 million contract in league history, Curry is now eligible for an extension. With two years left on Curry's contract (at $43 million and $45.8 million), Golden State can extend the guard for an additional three seasons starting in 2022-23.
Here is what a max extension for the two-time MVP would look like:
2022-23: $48.0 million | Age: 34-35
2023-24: $51.9 million | Age: 35-36
2024-25: $55.7 million | Age: 36-37
Even for a franchise player, those are huge numbers as a player enters his mid-30s. The Warriors will need to make sure they're confident in this roster long term and in Curry's health before extending such an offer.
Offseason cap breakdown
After dipping below the luxury tax this season, Golden State will become a taxpayer in 2020-21. The good news is that because the Warriors are not considered a repeater team, the penalty currently projects to be $36 million -- $15 million less than if they had also been in the tax this past season.
Golden State will have the $5.7 million taxpayer midlevel and minimum exceptions available.
Resources available to build the roster
The draft: lottery pick and two second-round selections
$17.2 million trade exception
$5.7 million tax midlevel and minimum exception
Dates to watch
• The main date to watch is not until mid-October, when the contract of Marquese Chriss becomes fully guaranteed. Chriss has $800,000 protected and would see the remaining balance of $1 million guaranteed if he is not waived by Nov. 1. On his fourth team in as many years, Chriss averaged a career high in points (9.2), field goal percentage (54.2%), rebounds (6.0), assists (1.8) and blocked shots (1.0). Because the Warriors have little flexibility to add in free agency and the former lottery pick has played well, expect Chriss to be on the roster for next season.
• Ky Bowman (no protection), Damion Lee ($600,000 guaranteed) and Juan Toscano-Anderson (no protection) do not have trigger dates in their non-guaranteed contracts. Mychal Mulder will see his protection increase from $0 to $200,000 if the guard is on the opening day roster. Bowman, Mulder and Toscano-Anderson are holding down the back end of the roster and could be cut if Golden State retains both second-round picks or adds veterans in free agency on minimums.
Restrictions
• The hard-cap restriction that weighed on the Warriors this season is not lifted until Oct. 19. However, the trades at the 2020 deadline gave Golden State a $6.9 million buffer to take back money in deals.
• The Warriors have used all their available cash in trades for this season. However, they can agree to a deal on the night of the draft to buy a second-round pick and not consummate it until Oct. 23, when their available cash will be replenished to $5.9 million
• The three core players -- Curry, Green and Thompson -- have 15% trade bonuses. The bonuses for Thompson and Curry would be voided because their salaries would exceed the max. The Green bonus would be valued at a total of $10.8 million over the remaining three years on his contract.
Extension candidates
Curry and Wiggins are the two extension-eligible Warriors. Starting on Oct. 1, Golden is allowed to extend Wiggins for an additional two seasons on top of the three he has left on his deal. But it's highly unlikely that Golden State will want to commit to Wiggins through 2024-25 without seeing more from him, and a new contract would put a six-month trade restriction on the forward.
The deadline to extend Curry and Wiggins is Nov. 30.
The draft assets
Here's how ESPN's Givony and Schmitz have Golden State selecting in October:
No. 2 (own): Anthony Edwards | SG | Georgia
No. 48 (via DAL): Abdoulaye N'doye | PG/SG | Cholet
No. 51 (via UTH): Paul Reed | PG/SG | DePaul
The Warriors own a valuable first-rounder via Minnesota that is top-three protected in 2021 and becomes unprotected in 2022. From the Andre Iguodala trade in 2019, Golden State will send the Grizzlies a top-four protected first-rounder in 2024. The pick is top-one protected in 2025 and unprotected in 2026.