As the Golden State Warriors finalize the later portions of this offseason, there's one major storyline still hanging over their heads.
Stephen Curry became eligible for a two-year, $136.7 million contract extension on Aug. 29. All the reporting surrounding the situation indicates that there's no chance of the Warriors' superstar jumping ship or even testing the waters in free agency. He'll re-sign with the team—it's simply a matter of how the terms of the deal ultimately unfold.
There's a number of pathways Curry and Golden State could take from here. He could sign for the outright max as enumerated above. He could sign at a lesser number, somewhere around $40 million annually, to give the Warriors extra flexibility on the open market next offseason. He could even sign a one-year deal at a lower rate with an (unspoken) promise to ramp that up after that contract comes to an end.
That latter scenario is likely wishful thinking, as is any idea that he'd take a pay-cut anywhere close to the one LeBron James did to sign with the Philadelphia 76ers this offseason.
But no matter how Curry's contract unfolds, the Warriors will have some degree of financial flexibility to work with, and that's something they haven't had in quite a while. Even if a superstar move isn't necessarily on the table, they owe it to their franchise legend to do everything they can to keep the team competitive before his career inevitably comes to an end.
The Warriors will be able to replenish this roster no matter how the Curry extension unfolds
I want to avoid getting into the weeds with numbers here, but here's a quick portrait of how things could look financially if Curry accepts less than the max.
With Jimmy Butler's $57 million salary and Draymond Green's $28 million payday off the books, Golden State should have plenty of room to bring Brandin Podziemski back in restricted free agency. They can also let Brandon Williams, Charles Bassey, Gary Payton II, and Georges Niang walk next offseason.
With those moves alone, the Warriors should have access to somewhere between $64 and $70 million in cap space if Curry is willing to sign at around $40 million annually. There's moves here to free up additional space (including getting off of Kristaps Porzingis' salary, which is only partially guaranteed for 2027-28). The decision for an aging star to take less than the max certainly isn't unprecedented either.
But if we quickly punch the numbers, Golden State could still have as much as $40 million in cap space entering next offseason even if Curry signs at the full potential value of his extension. Perhaps a superstar move for a piece like Nikola Jokic and Anthony Davis (both of whom could be on the market next offseason) is on the table, but it's not likely.
Instead, Golden State owes it to Curry to use that money wisely, re-shaping the depth of the roster and adding multiple reliable contributors around their aging star. There should be trade opportunities that pop up over the course of the season, but even if the Warriors enter free agency with their full cap space intact, there will be chances to add to this roster there.
Keldon Johnson is currently slated to be a free agent, as is Cameron Johnson, Luguentz Dort, Tyler Herro, Donte DiVincenzo, and Isaac Okoro. Evaluating the potential fits of each of these pieces on the Warriors' roster is a longer endeavor than we have time for here—but you get the picture.
No matter what number Curry re-signs at, Golden State will have the chance to make some real decisions next offseason in terms of what the roster looks like around him. Even with a smaller degree of flexibility than they may be hoping for, they'll need to wield that money responsibly.
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