Heading into the draft, free agency and the reopening of the trade market, what are the biggest things to watch?
NBA franchises await final word from the league on the salary cap and luxury tax moving forward. That news should come between now and the Nov. 18 draft, kicking transaction season into full gear.
Here are the 11 biggest questions to monitor once teams start making moves again. The 30 NBA teams -- and several star players -- have important upcoming decisions that will affect the league for the 2021 title race and beyond.
MORE: Biggest trade, free-agency and draft decisions for all 30 teams
How are executives viewing this year's free-agent class?
Unlike last year when Kawhi Leonard, Kevin Durant, Kyrie Irving and Jimmy Butler were free agents, there are no home runs with this offseason's group.
This year's free-agent class does have two All-Stars in Anthony Davis and Brandon Ingram. However, Davis is not going anywhere and probably will not even entertain offers from other teams, and Ingram is restricted. Other big names -- Gordon Hayward, Mike Conley, DeMar DeRozan and Andre Drummond -- have player options and probably will opt into their contracts.
The other top free agents are mostly role players of quality, such as Fred VanVleet, Goran Dragic, Joe Harris, Jerami Grant, Davis Bertans, Marcus Morris Sr., Jae Crowder, Danilo Gallinari, Serge Ibaka, Montrezl Harrell, Tristan Thompson and Christian Wood.
What will happen with Giannis Antetokounmpo in Milwaukee?
This is the biggest question heading into free agency: Will Antetokounmpo sign a five-year extension worth more than $220 million and end speculation about his future?
Despite the Bucks falling short of the Finals, there has been no indication that Antetokounmpo wants out of Milwaukee.
"As long as everybody's on the same page and as long as everybody's fighting for the same thing ... which is to be a champion," Antetokounmpo told TNT after winning MVP honors, "I don't see why not to be in Milwaukee for the next 15 years."
That statement came after Antetokounmpo met with owner Marc Lasry to discuss how the Bucks can improve. ESPN's Adrian Wojnarowski reported that Antetokounmpo was assured that Milwaukee would spend into the luxury tax if needed, something the Bucks have not done since 2002-03.
Ultimately, there is no rush for Antetokounmpo to commit now. He can wait it out, finish the 2021 season and evaluate the roster next offseason. He will still have max offers waiting for him.
MORE: Giannis has a huge decision to make
What are the offseason priorities for the Los Angeles Lakers?
This offseason should be relatively quiet for the NBA champs. They are over the cap but probably will return at least 10 players from this championship roster.
Anthony Davis is likely to opt out of his $28.8 million contract for a pay increase in L.A. The big question is if Davis signs a short-term contract or commits for the next five seasons.
A two-year contract would see Davis enter free agency in 2022, when he would have 10 years of service and qualify for a bigger payday. That would also align his free-agent timing with LeBron James'.
As for the rest of the roster, Rajon Rondo, Avery Bradley, Kentavious Caldwell-Pope and JaVale McGee all have player options. They are likely to return for another season. Caldwell-Pope is probably the most likely of the four to pursue a raise elsewhere from his $8.5 million salary, though the market might not be there for him.
Some names to keep an eye on with the Lakers' $9.3 million midlevel and $3.6 million bi-annual exceptions -- including their own free agents Markieff Morris and Dwight Howard -- are Jeff Teague, D.J. Augustin, Jordan Clarkson, Maurice Harkless and Nerlens Noel.
MORE: Next for Lakers -- keeping LeBron and AD for the long term
What is the market for Fred VanVleet?
Toronto Raptors president Masai Ujiri has said that VanVleet is a priority for the team, but the Raptors will need to compete with a few other suitors as well as guard their own 2021 cap space.
Because VanVleet has established Bird rights, the Raptors can offer the most money over five years, but spending too much to retain him would complicate their expected pursuit of Antetokounmpo in 2021. An offer to VanVleet in the range of a four-year, $80 million contract would allow Toronto to be in position to sign a max player in 2021, even if the salary cap stays flat at $109.1 million
The market outside of Toronto probably consists of three rebuilding teams: the Atlanta Hawks, Detroit Pistons and New York Knicks. The Phoenix Suns could enter the mix, but they would need to renounce restricted free agent Dario Saric, decline the team option for Frank Kaminsky and renounce the cap hold on Aron Baynes.
Since entering the NBA in 2016, the undrafted guard has earned $19.9 million total. His salary in the first season of a new contract should at least come close to that amount.
MORE: How the Raptors keep winning and sign a big free agent
What will the Warriors do with their $17.2 million trade exception?
The expiration date for this exception continues to get pushed back, but expect it to last until about a week after free agency begins. Because the Warriors will have only the $5.8 million taxpayer midlevel exception to sign a player in free agency, it would be prudent for them to take advantage of the largest trade exception in the league.
However, acquiring a player with the exception will come at a substantial financial penalty. For example, swapping the No. 2 pick in the draft with Phoenix for No. 10 and Kelly Oubre Jr. would add $60 million to Golden State's luxury tax bill.
Expect the Warriors to use at least a portion of the exception before it expires. It should factor into any discussions about draft trades and roster improvements as they attempt to reclaim their place in the Western Conference.
For more on how the Warriors' trade exception works, check out their full offseason guide.
Will the stars of the 2017 draft class sign extensions?
It would be a surprise if the Boston Celtics' Jayson Tatum and Utah Jazz's Donovan Mitchell do not reach agreements on projected $158 million max extensions when free agency begins.
A third player, Bam Adebayo, is certainly deserving of a max deal, but the Miami Heat's priority of retaining cap flexibility in 2021 could get in the way. Before the coronavirus pandemic halted the NBA in mid-March and knocked the league's economic progress off track, Miami was projected to have $50 million in cap space in 2021. The Heat could have extended Adebayo at a max salary and also had more than $37 million in cap room -- good enough for another max player, such as Antetokounmpo.
Now, after accounting for Adebayo's $15.4 million free-agent hold and a possible salary cap of $109.1 million, the Heat project to have $34 million in cap room -- good enough for a max only if Adebayo's contract is not extended.
Other extension candidates to watch: De'Aaron Fox, John Collins, Lonzo Ball, Josh Hart, Derrick White and Jarrett Allen.
What will Oklahoma City do with Chris Paul?
Considering Paul's age and injury history, the $125 million left on his contract a year ago was considered a big problem. But nearly 14 months after the Houston Rockets traded him for Russell Westbrook, sentiment has changed. The 10-time All-Star ranked fifth in the league in ESPN's real plus-minus (RPM), leading the Thunder to an impressive playoff run.
Paul has value around the league despite the $85 million left on his deal. Instead of adding an asset to shed what is owed, the Thunder now are in the market to flip Paul only if draft picks or young players are coming back.
MORE: What's the future for OKC and Chris Paul?
What about the teams with cap space?
Even if the cap were staying at the originally projected $115 million, we were heading into an offseason with few teams holding significant cap space. Right now, ESPN is projecting only Atlanta, Charlotte and Detroit to have room in excess of $20 million.
The Knicks could create up to $40 million by declining the team option of Bobby Portis plus waiving Taj Gibson, Elfrid Payton, Reggie Bullock and Wayne Ellington. The Heat could join the group at the expense of free agents Goran Dragic and Jae Crowder. The same goes for the Suns if they lose Dario Saric and Aron Baynes.
Given the revenue uncertainty going forward, the lack of star players and all of these teams being in the retooling phase, there's no guarantee that all or even most of this space gets used.
Who are some of the under-the-radar free agents?
Keep an eye on Christian Wood and Nerlens Noel.
Wood went undrafted in 2015 and became a journeyman, signing six different contracts, getting claimed off waivers twice and eventually finding a role with the Pistons. The 6-foot-10 Wood is only 25. He has a 7-foot-3 wingspan and is coming off a career year in which he averaged 13 points, 6.2 rebounds and 21 minutes. In the nine games after the All-Star break, Wood averaged 24 points and 9.6 rebounds while converting 38.9% from 3. The market for the versatile big man projects to be at the $9.3 million midlevel exception.
Noel has been on three teams since he was drafted No. 6 overall in 2014, most recently coming off back-to-back minimum contracts with OKC. He is still just 26 and coming off his most efficient season, averaging 7.3 points, 4.9 rebounds and 1.5 blocks in 18.5 minutes. His salary for next season should at least equal the $3.6 million he earned with the Thunder the past two years.
What is an under-the-radar team to watch?
The San Antonio Spurs feature a roster that has a majority of players under 26, but the big decisions will come down to their veterans.
San Antonio has four players with an average age of 33 -- DeMar DeRozan (player option), LaMarcus Aldridge, Rudy Gay and Patty Mills -- on expiring contracts worth $80 million, or about 66% of their total payroll in 2021. While expiring contracts don't have the same type of value as they once did because the acquiring team views them as a short-term rental, all four players would help a contender.
The Spurs are currently projected to have close to $75 million in flexibility during the summer of 2021 if they let those expiring contracts expire. But before that, they should spend this offseason gauging the trade value for each player.
MORE: Is it time to trade DeMar DeRozan?
What is the future for Victor Oladipo with the Pacers?
The Pacers are at a crossroads with their former All-Star. Oladipo is on an expiring $21 million contract, set to become a free agent in 2021. Indiana can offer him a four-year, $112.9 million extension when free agency opens. That would be $77 million less than a Pacers' max contract offer in 2021 and $28 million less than what an opposing team could pitch.
But Oladipo, despite playing in the bubble, is still trying to get back to where he was before a ruptured quad in his right knee saw him miss 86 games over the past two seasons. Would he choose more than $100 million in guaranteed money or bet on himself to command more in 2021? And how willing will the Pacers be to offer the maximum extension?
Without an extension in place, the Pacers will have to either find a trade partner or feel comfortable playing out the season with Oladipo heading into unrestricted free agency. The downside for any trade partner is that the acquiring team would be faced with the same extension restrictions and injury concerns, which potentially limits Oladipo's trade value.