When Betting On Yourself Goes Wrong: Caleb Martin Leaves Miami And Signs For Half As Much Money With Philadelphia

ByJoey Heldon July 12, 2024inArticles›Sports News

If you’ve spent some time around Celebrity Net Worth, you know we’re fans of athletes betting on themselves. In many cases, that means turning down one deal, spending a year or two furthering their craft, and then reaping a much larger financial reward. Sometimes, particularly in sports, a player simply looks at the market, sees what other players are making, and thinks they can score a similar contract. It often works out, but when it doesn’t, it can be a huge blow.

Martin ended up agreeing to a deal with the Philadelphia 76ers. The total value of that contract: four years, $32 million. In going to Philadelphia, Martin will be making half of what Miami was willing to pay him.

When Betting On Yourself Goes Wrong: Caleb Martin Leaves Miami And Signs For Half As Much Money With Philadelphia - 1

Megan Briggs/Getty Images

To be fair, Martin will likely have a consistent starting role with the Sixers. He was a spot starter with the Heat, primarily filling in when someone else was injured, and started 84 of 195 games he played in. He’s also never topped 30 minutes per game in any season, and he’ll likely get that opportunity in Philadelphia.

He’ll also be playing with a jam-packed roster. The Sixers already have MVP center Joel Embiid , and they signed Paul George , an All-NBA forward. The team added depth with Eric Gordon and Andre Drummond . With that supporting cast, Martin will probably put up better numbers in Philadelphia than he did in Miami.

Still, that’s a drastic pay cut, especially since Florida has no state income tax. Martin’s situation is one of the first impacted by the NBA’s new collective bargaining agreement, which punishes teams that surpass tax aprons, including having to pay double for every dollar above the threshold. An owner like Steve Ballmer might be willing to do that, but most others aren’t. Martin, who’s a solid player but not a superstar, isn’t someone teams will enter tax purgatory to sign.

Coincidentally, Martin agreed to a very similar deal to the one his twin brother Cody signed with the Charlotte Hornets back in 2022. Cody inked a four-year contract worth $31.3 million. Maybe that can be a fun discussion when the family gets together for the holidays.

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