Dallas Mavericks officially sign guard Deron Williams

Deron Williams is going home to represent the Dallas Mavericks.

Former All-Star guard Deron Williams, who grew up in the suburbs of the Dallas Colony, has officially signed with his hometown franchise of Dallas Mavericks, after agreeing to a buyout agreement with his former team the Brooklyn Nets. Midway through Tuesday afternoon, the official Dallas Mavericks account, tweeted the news:

According to ESPN reporter Marc Stein, Williams will sign a two-year deal worth $10 million with a player option for the second year. Although the contract with the Mavericks gives him $5 million per year,his buyout agreement with the Nets will add more money to his name per year. The Brooklyn franchise and Williams had agreed to terms of a buyout agreement on Friday.

The buyout agreement with the Brooklyn Nets

According to the agreement, the Nets would pay Williams $27.5 million instead of the $43 million that they owed him for the next 2 years. To avoid paying luxury tax, Nets will use the stretch to pay Williams his $27.5 million over a period of 5 years ($5.5 million each year) reported NBA TNT analyst David Aldridge.

As the new owner Mikhail Prokhorov’s first splash, Williams was supposed to begin an era of championship contention in Brooklyn. Instead multiple ankle injuries and clashes with team’s Head Coaches slowly yet steadily decreased the value of Williams in the market. Soon his max contract of $98 million over 5 years became one of the worst in the league.

The buyout agreement helps Brooklyn save a lot of cap space, enough to not trade their other guard Joe Johnson, who can still effectively contribute. With more cap space, the franchise receives more flexibility as it aims to move on after 3 seasons that were fruitful but not as much as the ownership expected with Williams.

Dallas Mavericks and Deron Williams in a mutually benefitting relationship

After being spurned by center DeAndre Jordan, the Mavericks had a big decision to make. Whether to let go off this season and build through the lottery or look for another free agent and usher in a new era after Dirk Nowitzki led by Chandler Parsons. Signing Williams alongside shooting guard Wesley Matthews, the team has ensured a better back court than last year to support rising star Parsons.

After missing out on signing Williams in the free agency of 2012, the Mavericks have him now. Although he is aged 31, Williams can be a handy contributor if he manages to stay healthy.

OFFICIAL: Join us in welcoming PG .@DeronWilliams to the Dallas Mavericks! http://t.co/wv5yhx5crj pic.twitter.com/nrpZWbDOYK

— Dallas Mavericks (@dallasmavs) July 14, 2015