Five takeaways from the first day of NBA free agency

NBA's free agent period officially began Sunday, the first time teams could officially make new signings. While it was relatively slow compared to other years, we have already seen All-Stars and NBA champions changing teams in the first few hours. Here are five takeaways from the first day of NBA free agency.

1. Teams are being cautious with long-term deals for veterans

One trend running through free agency so far is that players have settled for short-term deals. James Harden, 34, got $35M per year from the LA Clippers, but only for two years. Kentavious Caldwell-Pope, 31, got $66M from the Orlando Magic, but only for three years. Jonas Valanciunas, 32, got three years and $30M from the Washington Wizards. It also appears that Paul George and Klay Thompson decided to leave their old teams in part because they weren't offered enough years — Thompson turned down a two-year extension last summer.

Perhaps this is an effect of teams deciding older players are too much of a risk, or of teams being unwilling to reward their own declining players for past accomplishments, instead of future potential. But across the league, teams seem inclined to offer more money per year, for fewer years.

2. Daryl Morey's long-range plan may be paying off

Philadelphia 76ers team president Daryl Morey has been very careful with the team's cap space for this summer, filling the roster with players with expiring contracts to create as much money as possible to reload the team. That may be paying off, as the Sixers added quality depth pieces in veterans Andre Drummond and Eric Gordon on Sunday. They also may be one of the few remaining teams who can give George a max contract.

The Clippers weren't able, or possibly unwilling to move George before he opted out of his contract for next season. That limits his market to teams who have the salary cap space to sign him, and that market is dwindling with the Clippers giving up on him and the Magic using space to add Caldwell-Pope. The Sixers might not have been George's dream destination, but they may be the only team left who will have max money for him.

Morey deserves credit for refusing to trade James Harden for months, eventually getting two first-round picks and a pick swap from the Clippers, while getting off P.J. Tucker's salary. The end result may be that their haul from the Clippers will also include a freshly-signed George.

3. The Clippers made another problematic signing

Last year, the Clippers signed Joshua Primo, a former lottery pick released by the San Antonio Spurs after Primo repeatedly exposed himself to a team psychiatrist. Primo ended up appearing in just two games for the Clippers, but the team showed a lack of care about his misbehavior. Now they've signed Kevin Porter Jr., who is another guard with an ugly past.

Porter was arrested in September following an altercation with his girlfriend, WNBA player Kysre Gondrezick. He later pleaded guilty to misdemeanor assault and a harassment violation and didn't play in the NBA last season after the Houston Rockets traded him.

4. The Golden State Warriors are no longer contenders

Last season's Warriors finished 10th in the Western Conference and got blown out in a play-in game. That was when they still had Chris Paul and Thompson. Now Paul is gone to the San Antonio Spurs and Thompson is moving on from his team of 15 years, and the Warriors lost two of the tools to add veteran talent.

Paul's non-guaranteed contract for 2024-25 was supposed to be a big reason the Warriors traded Jordan Poole and two recent draft selections to get him. But they were never able to work a trade, and now he left for nothing. Golden State seems willing to work a sign-and-trade for Thompson, but that requires them to make a deal with their rivals. All they have instead is access to the full mid-level exception, which is only so valuable in a shrinking free-agent market.

The Warriors got under the luxury tax, but that may be their biggest victory of the offseason.

5. Derrick Jones Jr. switched agencies and teams

When the offseason started, Mavericks GM Nico Harrison told reporters that bringing back the Mavericks' starting small forward Derrick Jones Jr. was "Priority 1A and 1B." But that was before Wednesday when Jones changed agents and signed with Rich Paul and Klutch Sports. That reportedly led the Mavericks to pivot.

That pivot was a three-year, $27M deal for former Pelicans wing Naji Marshall, who is also a defensive-minded wing whose three-pointing shooting has recently improved. That probably takes the Mavericks out of the Jones business and makes it more of a challenge to add the rumored target, Thompson. They'd have to drop their salary or send a player like Josh Green back to Golden State in a sign-and-trade to add the veteran sharpshooter.

It turned out Paul had a lucrative destination lined up for Jones: The Clippers.

Perhaps the Clippers were so frustrated by Jones dunking on them in their first-round playoff loss that they decided they needed to guarantee they only had to play against him in practice for the next three seasons.