WASHINGTON — July 1 marks the first day of NBA free agency, with a number of big chips already on the move around the league.

Here’s a recap of the reported big money that, in some cases, exceeds the value of the chips. Remember, NBA contracts are 100 percent guaranteed:

Darrell Arthur, PF, Denver Nuggets: 3 years, $23 million

D.J. Augustin, PG, Orlando Magic: 4 years, $29 million

Nicolas Batum, SF, Charlotte Hornets: 5 years, $120 million

Jerryd Bayless, SG, Philadelphia 76ers: 3 years, $27 million

Bradley Beal, SG, Washington Wizards: 5 years, $128 million

Jordan Clarkson, SG, Los Angeles Lakers: 4 years, $50 million

Mike Conley, PG, Memphis Grizzlies: 5 years $153 million

Matthew Dellavedova, PG, Milwaukee Bucks: four years, $38 million

DeMar DeRozan, SG, Toronto Raptors: 5 years, $145 million

Andre Drummond, C, Detroit Pistons: 5 years, $130 million

Evan Fournier, SG, Orlando Magic: 5 years, $85 million

Jeff Green, SF, Orlando Magic: 1 year, $15 million

Solomon Hill, SG, New Orleans Pelicans: 4 years, $50 million

Dwight Howard, C, Atlanta Hawks: 3 years, $70.5 million

Al Jefferson, C, Indiana Pacers: 3 years, $30 million

Jeremy Lin, PG, Brooklyn Nets: 3 years, $36 million

Timofey Mozgov, C, Los Angeles Lakers: 4 years, $64 million

Chandler Parsons, SF, Memphis Grizzlies: 4 years, $94 million

Mirza Teletovic, PF, Milwaukee Bucks: 3 years, $30 million

Evan Turner, SF, Portland Trail Blazers: 4 years, $70 million

Ish Smith, PG, Detroit Pistons: 3 years, $18 million

Hassan Whiteside, C, Miami Heat: 4 years, $98 million

As of 8:30 p.m. ET, more than $1.5 billion has been committed to free agents. That’s an average of more than $65 million, with even the smallest deal providing life-changing income to the recipient and his family.

Immediately, discussion began on sports talk radio around the country of whether or not Player X was worth Salary Y. The numbers seem inflated, especially for bench or role players. But that’s the economics of basketball in 2016.

And their NFL counterparts have taken note (NFL contracts are not fully guaranteed).

From the Redskins Twitterverse:

I say let's have another lockout until we get guaranteed contracts these NBA guys are getting paid how average players get n max deals — Chris Baker (@cbaker92redskin) July 2, 2016

The way these Basketball Players getting paid I'm mad I didn't improve my JumpShot….#StayWoke… https://t.co/NcLKnGC8uX — Junior Galette (@JovaisG) July 1, 2016

How does the NBA and NHL have such a better player contract situation than the NFL??? These deals are insane — Will Compton (@_willcompton) July 1, 2016

NBA negotiations must just be the GM handing the player a blank check and saying hey write down what you think you're worth and well pay it — Ejiro Ederaine (Dro) (@DroDaTreUno) July 1, 2016

Lebron Should literally Demand 300 Million @ this Rate — Junior Galette (@JovaisG) July 1, 2016

The economics of sports are complicated and shrouded in mystery, as most teams don’t have the reveal how much revenue they make in a season. In labor disputes, owners will do everything possible to downplay revenue, while players usually have to bargain away certain rights in order to get a larger slice of the pie.

But just for comparison, the NBA’s salary cap for the upcoming season will be approximately $94, after experiencing a $24 million jump–the largest in NBA history. It will jump again next year thanks to escalators in the TV contracts signed in 2014.

That doesn’t compare favorably to the NFL’s $155.27 million, but that’s a pie divided 53 ways. In the NBA, only 14 players must share the pie, guaranteeing much higher-end deals.

On average, an NBA player will survive in the league for 4.8 years, which dwarfs the 3.5 average of the NFL. The average NBA contract last season was just more than $4 million, with the median at just below $2 million. The average NFL contract is only $2.1 million, with the veteran minimum only $435,000.

For NBA players, that’s longer average careers, higher average pay and less competition for sponsorship deals. NFL players may get paid to play a child’s game, but they have a legitimate argument for getting salaries closer to their NBA counterparts.

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