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In the initial 24 hours of the free agency frenzy, various players have either been offered or have accepted contracts worth a total of $518 million. Within the next few days, that sum will surely be doubled and will exceed a billion. What’s going on here?

Several teams have been diligently clearing cap space in preparation for this summer’s extravaganza — with the signing of LeBron, of course, being every franchise’s fondest desire. Many of these teams were hugely disappointed when the King named only a handful of supplicants whose offerings he would deign to consider.

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