Nets ink Jordan Farmar, look to avoid a single impact signing

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The New Jersey Nets are making an offer to Jordan Farmar, which means a bizarre compromise on the part of both participants. 

The Los Angeles times reports that Farmar has received an offer from the Nets but has not accepted it, while Ric Bucher of ESPN says the deal is done for three years and $12 million.
UPDATE: The deal is done, with Yahoo! Sports confirming.  
For the Nets, it continues the pattern we talked about earlier of signing good but not great players with the massive cap space they have after missing out on the max free agents. Farmar is a great prospect, young, with potential at a key position. But he still seems like a compromise in terms of what they were looking for this summer versus what they got, and that dissonance would seem to suggest that they may have needed to simply horde the cap space. 
For Farmar… there isn’t a single NBA team with cap room looking for a point guard to compete for a starting position? Farmar wanted out of LA because of his always being in Phil Jackson’s doghouse and constrained by the triangle. But New Jersey has Devin Harris, and is wed to him for the foreseeable future. It’s unlikely that Farmar will play to the point of pushing Harris, which means Farmar has signed on to be a backup for another three years. Maybe it’s a matter of accepting reality. Maybe he’s excited about playing in Brooklyn. Maybe the offers just weren’t there. 
Either way, this feels like a deal regarding two sides lunging for the middle ground.