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The Golden State Warriors on Tuesday conceded defeat in the chase for Elton Brand's signature by quickly moving on to new targets and reaching a faster-than-expected verbal agreement to sign unrestricted free agent Corey Maggette.
Sources told The Associated Press that the deal is for five years and worth around $50 million.
Sources told ESPN.com that Maggette decided against waiting to see if the Los Angeles Clippers would lose Brand to the Philadelphia 76ers -- which could have created an opportunity to stay with the Clippers -- to take a multiyear offer from the Warriors at a starting salary above the mid-level exception, which ESPN.com has learned will be $5.585 million. Teams above the cap can only use the exception to sign free agents.
The Warriors and Clippers are two of the few teams with salary-cap space to spend on free agents above the mid-level, along with Memphis. Philadelphia was on that list before reaching a verbal agreement Tuesday to sign Brand away from the Clippers.
Golden State responded to the loss of Baron Davis to the Clippers by offering Brand a five-year deal worth an estimated $90 million, but the Warriors never came as close to luring Brand away from L.A. as the Sixers.
Maggette, who averaged 22.1 points, 5.6 rebounds and 2.7 assists last season, drew serious interest from several top contenders who are over the cap and only had the mid-level exception to offer, including Boston, San Antonio, Detroit, Utah, Cleveland and Orlando. It was presumed that Maggette, a member of the Clippers since 2000 that turned down $7 million for next season when he opted out of his contract, was leaning toward signing with the Spurs if he couldn't secure an offer from a team with cap space.
The Clippers, sources said, expected to respond to the departures of Brand and Maggette by making a hard run at Atlanta Hawks restricted free agent Josh Smith, who was Philadelphia's No. 2 target behind Brand. If the Clippers elect to sign Smith to an offer sheet, Atlanta would have seven days to match.
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