From the Newark Star-Ledger’s Dave D’Allessandro :

The Nets and Vince Carter have renewed their vows for at least four more seasons, coming to an agreement on a contract just hours after the free-agent bargaining period began today.

The deal calls for a guarantee of $61.8 million over four seasons, according to a team official who has been involved with the negotiations, with the team holding an option for a fifth year.

The agreement has been a fait accompli since early June, when the Nets agreed with Schoeppler’s request that his client maintain an average salary of roughly $16 million, as Carter had exercised the early termination option of his existing contract, which called for a $16.3 million salary next season.

The Nets capitulated primarily for one reason: Owner Bruce Ratner authorized a contract that would give Carter roughly what he needed, even if it vaulted the Nets near or over the luxury tax threshold. The Nets payroll now stands at about $64 million, though they still hope to re-sign free agent forward Mikki Moore.

There’s some speculation in Orlando the Magic are either in no hurry to retain free agent Darko Milicic, or perhaps they’re trying to pull off a sign-and-trade with the Sonics for Rashard Lewis.

A SportsTicker report suggests Yi Jianlian (perhaps for the first and only time, not referred to as “7′ 6″ Yi Jianlian”) might refuse to report to Bucks training camp in the hopes of forcing a trade to a market with a bigger Chinese population. Surely Yi’s representatives are aware they’re risking their client’s right to free drinks and food discounts at Long Wong’s, billed as “the World’s greatest Chinese-American sports bar”?