NBA teams spend more than $1 Billion at free agency on first day

The National Basketball Association (NBA) teams handed out more than $1b on the first day of free agency on Wednesday.

There were plenty of huge contracts—max or not—handed out to free agents, with Cleveland Cavaliers owner Dan Gilbert leading the way on the first day. And as of 7 pm Eastern time, the NBA teams had committed approximately $1.1 billion dollars to players who hit the open market at 12:01 a.m. This amount doesn’t even include Anthony Davis’$145 million, five-year contract with the New Orleans Pelicans.

Among the biggest contracts were Kevin Love’s five-year, $110 million to stay with the Cleveland Cavaliers. At one point, it seemed like the Los Angeles Lakers and Love were destined to end up together when he decided to opt out from his contract with the Cavs. But Love announced on the Players Tribune website on first day of NBA free agency that he’s staying in Cleveland, citing that he has “unfinished business” with the team.

“Yeah, of course I’ve heard the free agency rumors. But at the end of the day, and after meeting with my teammates (it turns out pools are great meeting places) and with the front office, it was clear Cleveland was the place for me. We’re all on the same page and we’re all in. We have unfinished business and now it’s time to get back to work,” wrote Love.