Reports: F Paul Reed signs $24M offer sheet with Jazz

Philadelphia 76ers restricted free agent Paul Reed signed a three-year, $24 million offer sheet with the Utah Jazz on Saturday, multiple outlets reported.

The Sixers have until 11:59 p.m. ET on Sunday to either match the offer for the 24-year-old forward or let him go to the Jazz.

A second-round pick by Philadelphia in 2020, Reed averaged 4.2 points and 3.8 rebounds in 69 games (two starts) in 2022-23.

His agent, Ron Shade of Octagon Basketball, confirmed the details with ESPN and The Athletic. According to reports, the first season on the offer sheet is fully guaranteed, while the following two seasons become guaranteed if Reed's team reaches the conference semifinals in 2023-24.

That outcome seems more likely for the Sixers, who finished 54-28 and reached the East semifinals in 2022-23. The Jazz missed the playoffs with a 37-45 record.

If Philadelphia matches the offer, the 76ers would exceed the league's $165 million luxury tax threshold and would incur a $14 million penalty, per ESPN.