Marc Spears of Yahoo! reports that the Sacramento Kings had added Chuck Hayes for four years and $21.3 million in a deal that mirrors the full mid-level exception. The news broke just after news that the Kings had retained Marcus Thornton for five years, $40 million.
A deal around this price point for Hayes had been reported in recent days, though the Minnesota Timberwolves had been reported as trying to pull him north before the Kings could ink a deal. As I wrote Thursday, I think this is a great deal for the Kings: not only is Hayes a bargain at this pay, but he appears to be an exceptional fit in the frontcourt, particularly with young center DeMarcus Cousins.
The Kings have now spent roughly $11-13 million in 2011-12 salary, depending on how Thornton's deal is structured. The team needs to spend a little bit more to reach the league's payroll floor, and has at least $12 million in cap space remaining. Will they spend it? We're about to find out over the next couple of days.