Expiring Contracts with Hidden Value

The "expiring contract" is one of the most valuable commodities in the NBA. But some are more valuable than others. This year, the expiring deals of Yao Ming, Caron Butler and Eddy Curry could be particularly attractive on the trade market.

Yao Ming: Houston Rockets

At first glance, it seems unthinkable - the Rockets trading Yao Ming. The 7'6" center has been the face of the franchise, here and overseas. But after missing the better part of the last three seasons with a variety of injuries, the team simply cannot count on him as a franchise cornerstone

His $17,686,100 expiring contract could become a very valuable commodity on the trade market, partly because the team that acquires it won't have to pay the entire tab. Yao's season-ending injury means insurance will pick up a little more than half of the money he's still owed -- but it still counts the full amount against the salary cap.

In other words, the team acquiring Yao could have $17 million come off the official books at the end of this season, but only have to pay half his salary from February on. That's a better two-for-one deal than you'll ever get at the grocery store.

When Yao's injury was first announced, many assumed it would spell the end of the big fella's career. Not so fast. After his latest surgery, Yao told Yahoo! Sports that he's planning on attempting another comeback. So the team that acquires him could do so in the hopes of recruiting him to sign this summer - presumably for significantly less than he's making today. Such a signing could pay dividends beyond the basketball court; Yao is an immensely popular player, as evidenced by the fact that he's leading the Western Conference All-Star balloting at the center position, despite the fact that he's barely played this year.

Caron Butler, Dallas Mavericks

Butler's situation is similar -- his $10.5 million contract expires after this season, and he's done for the year with a torn patellar tendon. Thought to be title contenders before Butler's injury, the Mavs could be looking for a replacement, using Butler's deal as part of a trade offer. As with Yao, the acquiring team would only be on the hook for part of Butler's remaining salary, with insurance picking up the rest.

Eddy Curry, New York Knicks

Unlike the other players on this list, Curry isn't injured, so his $11 million contract isn't covered by insurance. The Knicks gave the little-used center an advance of 50 percent of his 2010-11 salary last summer, when he was dealing with financial and legal troubles. That has basically the same effect as the insurance covering Yao Ming and Caron Butler's deals - a team acquiring Curry will pay far less than the remaining face value on his deal.

Plus, though Mike D'Antoni might disagree, Curry could actually suit up for his new team. He probably wouldn't be a major contributor -- not after essentially sitting out the last three seasons -- but he could give some contender six fouls to throw at, say, Shaquille O'Neal or Dwight Howard.