Jeff Teague signs offer sheet with Milwaukee Bucks worth $32+ million over 4 years, according to report

The sign-and-trade dance with Brandon Jennings and Jeff Teague has reached its end, because the Milwaukee Bucks have opted to side-step that process and extend a four-year, $32+ million offer sheet to Teague that he intends to sign has signed, according to Adrian Wojnarowski of Yahoo! Sports and Charles F. Gardner of the Milwaukee Journal Sentinel. By signing the offer sheet, Teague, who is a restricted free agent, has turned the sign-and-trade scenario into an impossiblility. The Atlanta Hawks now have three days to match it and retain Teague, but with a signed offer sheet they cannot not trade him to any team for three months, nor can they deal him to the Bucks for a full year.

When Teague officially signs the offer sheet, [W]e will definitively know if he's going to be the next point guard of the Milwaukee Bucks within 72 hours. At an average of more than eight million dollars per season, it will be very interesting to see if the Hawks decide to match the offer. For that matter, it will be fascinating to find out what happens with Brandon Jennings, who hasn't generated a lot of interest from rival teams during his search for a big money contract.

UPDATE: TEAGUE HAS SIGNED THE OFFER SHEET. HERE WE GO!

Bucks officials confirm RFA Jeff Teague has signed a four-year, $32 million offer sheet. Atlanta will have three days to match offer.

— cfgardner (@cf_gardner) July 11, 2013

UPDATE (from Frank Madden):

Note that by delaying the official signing of O.J. Mayo, Zaza Pachulia and Carlos Delfino, the Bucks shouldn't have any issue maintaining their $7.9 million cap hold and matching rights on Brandon Jennings while the offer sheet to Teague is outstanding. That's important, since Jennings is now their fall-back option if Atlanta matches the offer for Teague.

Based on my latest math, I don't see the Bucks being able to maintain their $16+ million cap hold on Monta Ellis with both Teague and Jennings counting against the Bucks cap, though that's probably a bit academic. There were already reports yesterday that they had renounced Ellis yesterday. Monta would only seem to be useful as a sign-and-trade chip at this point, and so long as they have cap space the Bucks could still execute a S&T of Ellis for a number around $10 million even without his Bird rights. Basically: this is a big timing game, with the three-day window on Teague holding the key to what happens next. In the end, the Bucks won't end up with both Jennings and Teague, and adding any bigger name free agent beyond (or taking salary back in an Ellis deal) would require amnestying Drew Gooden before next Wednesday's amnesty deadline.

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