Smith update
The Atlanta Journal Constitution's Sekou Smith has a piece up now about the Josh Smith offer sheet that pushes the story along a little bit, filling in two elements that were unclear from the Commercial Appeal story.
The AJC reports that the offer sheet has indeed been signed and that the $58 million dollar offer covers five years.
With Smith signing the offer sheet, the seven-day clock for the Hawks to match is set in motion.
At this point there seem to be three potential outcomes:
1. The Hawks can match the Grizzlies offer and retain Smith for the $58 million number. This is significantly more than the five-year, $45 million offer the Hawks had previously made to Smith, but is still well in line with his market value. I don't think anyone would be surprised to see Atlanta match this offer.
2. The Hawks could decline to match the offer and allow Smith to sign with the Grizzlies for that amount. I find this outcome unlikely, but given the disarray in Atlanta, it is at least possible.
3. The Grizzlies could rescind the offer (on the agreement of all three parties) and enter into sign-and-trade negotiations with the Hawks, something that would probably make a lot of sense for both teams.
Whichever way this goes, don't expect anything to be resolved until next week.
