Report: Nets near deal to extend GM Billy King’s contract

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The Brooklyn Nets are happy with the work of Billy King.

Shake your head if you want, the Nets are about to extend the contract of their general manager, reports Adrian Wojnarowskiof Yahoo Sports.

The Brooklyn Nets are finalizing a multiyear contract extension with general manager Billy King, league sources told Yahoo! Sports. A formal announcement is expected in the near future, sources said.

King’s contract was set to expire this summer, but talks have been ongoing since the fall on a new deal.

When Mikhail Prokorov bought the Nets, King was tasked with putting together a team that could open the new Barclays Center in Brooklyn in style. King made the blockbuster trade for Deron Williams. He made a good run at Dwight Howard but when that didn’t work he kept Brook Lopez in house this summer (on a max deal). He grabbed Joe Johnson by trade last summer and had also traded for Gerald Wallace.

If you look at it in terms of raw numbers the moves worked — the Nets have improved 27 games from last season, jumping all the way up to four seed in the East. They are currently locked up 1-1 in the first round with the Chicago Bulls.

But the Nets are going to pay a steep price to make that leap — they took on the worst contract in the NBA in Joe Johnson (three years, $70 million left on the deal after this season). They are going to pay Kris Humphries $12 million next season, they have Gerald Wallace for three more years at $30.3 million dollars. There’s also Brook Lopez on with three years, $47 million after this season, but with his production as a scorer there is value there.

Basically, what you see is what you get with the Nets for a few years — they are locked into this roster. They are limited in who they can pick up as a taxpayer and they are not going to get value back in a trade for any of those contracts. The Nets are not a bad team, but they are not a contender and they are what they are for the next few seasons.

The other question that remains for King and Brooklyn — is P.J. Carlesimo the right coach for this team? The deal for the interim coach is up at the end of this season.