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This is probably the best deal either the Cavs or Varejao could get.
Varejao didn't want to sign a long-term deal that he felt was below his market value. The Cavs didn't want to overpay.
Given this deal, if Varejao is as good as he believes he is, he'll have another shot to get big money in the summer of 2009.
And if the Cavs bring Varejao back and he continues to be just a role player, the team didn't do anything to harm its long-term cap position, because Varejao will be a free agent in 2009 or 2010.
The question remains, however: Will the Cavs match?
It appears so. If the Cavs were willing to offer him a 5 year, $32 million deal, why not sign him for 3 years, $17 million?
Sure, there is bad blood between Ferry and Fegan, because of these negotiations. But Ferry has said the Cavs want Varejao back, so expect to see him soon in Cavs wine and gold.
-- Chad Ford
When Anderson Varejao signed an offer sheet with Charlotte, a scenario the Cavs did not plan for unfolded, Ric Bucher writes.