As soon as American basketball fans had come to terms with the loss of the likes of Josh Childress, Carlos Delfino and Earl Boykins to Europe this summer, we started hearing about the unthinkable.
LeBron James suiting up for Olympiacos of Greece in 2010? Kobe Bryant becoming player-owner of a team in Italy? Teammates on the U.S. Olympic squad heading to Russia?
Interviews with some of the league's elite players certainly suggested that this summer's trickle of talent to Europe could become a full-blown torrent over the coming years, with annual salaries of $50 million a year tax-free being thrown around.
Just one small problem.
Nobody in Europe -- where execs, agents, fans and media are still trying to get their heads around the $20 million, three-year deal Childress inked with Olympiacos -- is close to offering that kind of contract.
Yet.
"I think that we have to be realistic," Euroleague CEO Jordi Bertomeu told ESPN.com in his first public comments since the Childress signing. "I don't like to dream where there is no room for dreaming and, of course, there could be some kind of exception in the future.
"But we cannot say that the European market, at the level we are at right now, is ready to afford this kind of challenge. The fact that one specific owner can take a very exceptional decision and present this kind of offer [to Childress] does not represent the level of our league. [Bryant or James] would be out of our expectation. It's easy to dream, it's nice and it's cheap but it is not realistic.
"If we are ready, at some point, to offer these amounts of money to the best players in the world then I will be the happiest man in the world, but for me, it is much more important to continue growing with stability and a solid base."
Quite correctly, Bertomeu leaves himself a get-out clause. After all, when the NBA first opened "diplomatic relations" with the world basketball community, via the Dream Team and the 1992 Barcelona Olympics, did anyone imagine the day would come when a dozen players would voluntarily turn their backs on the NBA in a single summer to play in Europe?
But here are the key issues to weigh when considering whether Euro teams will be in a position to compete for the likes of Bryant next summer or a 2010 free-agent class that features LeBron, Dirk Nowitzki, Dwyane Wade, Yao Ming, Chris Bosh and the Phoenix Suns trio of Steve Nash, Shaquille O'Neal and Amare Stoudemire.
1. DO THE MATH
As every NBA fan -- not to mention every player -- is now well aware, salaries quoted in Europe are "net," the figure left in a player's pocket after he has paid tax.
If, as people close to James have been claiming, an annual wage of $50 million would tempt the Cleveland Cavalier to move to Europe when he becomes a free agent in 2010, that would require Olympiacos to pay him around $80 million gross (i.e., before tax) -- assuming the $50 million is a net figure.
That is a colossal amount of money, even for billionaire shipping owners such as Panagiotis and George Angelopoulos, the brothers who own 50 percent of Olympiacos and are bank-rolling the Childress deal.
(As a comparison, Europe's elite handful of soccer players in England and Italy can expect contracts of around $15 million net per year from their teams.)
"It is a huge amount of money," said Bertomeu of the Childress contract. "But in the past few years we've had some offers that have been not of this level, but close to this level.
"For me, the problem would be if European teams go to a level of salaries that we can't fulfill. That would be a problem. We've been fortunate, we have never had problems with paying players. That would be one of the worst possible things."
Nevertheless, European teams have come so far so quickly in terms of salary spending power that nobody dares dismiss the idea of a major star's signing completely out of hand.
The world economic picture is changing so rapidly -- and the world basketball landscape even more so -- that leading European clubs currently believe any NBA player is available, at the right price.
2. BUDGETS
Toronto Raptors assistant GM Maurizio Gherardini told us, at the start of the month, he believes a maximum of three or four European clubs could contemplate offering a deal in the Childress range.
How many could afford to pay James or Bryant? Fewer still. Although …
"This is what is different for American people to understand," Gherardini said. "The difference in the system, the difference in running the business. Over here [in Europe], the owner falls in love with his own team, he is entitled to do whatever he wants, pour as much money as he wants into the team. There is no cap, no salary limit.
"It's very difficult for American people to understand that you can go out and try to sign a player you fall in love with. In the NBA, we talk about restrictions, brought in by the salary cap and rules, but here the owner dictates the philosophy of his club."
Thus, if the "philosophy" of the Angelopoulos brothers is to hand LeBron $80 million for eight months of work, they are well within their rights to do so. But how much of a quantum leap would that represent?
Budgets in the Euroleague last season ranged from $50 million (champions CSKA Moscow) to $3.12 million (Red Star Belgrade) with only six clubs operating at over the $30 million mark.
And those figures are for total budgetary expenditure -- not just players' salaries. Olympiacos spent $35.8 million in 2007-08, indicating how much of a jump the near $11 million (pre-tax) the team will pay Childress this year represents.
Is it reasonable to believe a team would pay James $80 million when the entire budget of the biggest spenders in Euroleague was $50 million last year? It is highly unlikely, but not impossible.
The Bryant scenario might be slightly different. It has been mentioned that the L.A. Laker would welcome the possibility of becoming an owner -- or player-owner -- in Italy, where he spent a large part of his childhood.
He very well might like the idea, but last time we checked, becoming an owner usually involves spending money, not just receiving it. Even if an existing owner were to gift Kobe a large chunk of his club in return for playing, the current business model does not exist for Bryant to make any serious money.
Indeed, although figures are not declared publicly, it is believed that none of Europe's leading teams makes a profit.
On the one hand, that means an owner might be more likely to invest a chunk of his personal fortune in a coup like signing James or Bryant.
But it also means that if Bryant wants to own an Italian team, he better not expect to make any money from it.
A situation that may make more sense for Bryant, not to mention older veteran superstars like Nash or Jason Kidd, would be to wait until the final year or two of their pro careers and then seek a final payday in Europe, where the schedule is more forgiving and the standard of play, generally, less demanding than in the NBA.
In that light, as long as the player's Q rating is sufficient to offer value to team owners and sponsors, such a signing may represent better business than busting the bank to sign LeBron in his prime.
In U.S. dollars, here are the unofficial estimates of the total budgets for the 2007-08 season for various teams across Europe, according to the Greek basketball Web site Super Basket:
(* - denotes Euroleague team)
BALTIC ADRIATIC Zalgiris Kaunas*: 7M Montepaschi Siena*: 17.16M Lietuvos Rytas*: 11M Virtus Bologna*: 14M Turof (Polish team): 5.46M Lyon Villeurbanne: 7.5M Alba Berlin: 9.36M Cibona Zagreb*: 4.68M Dynamo Kiev: 11M Olimpia*: 3.12M SPAIN RUSSIA Real Madrid*: 39M CSKA Moscow*: 50M FC AXA Barcelona*: 34.32M Khimki: 18M Tau Vitoria*: 31.2M Dynamo Moscow: 20M Badalona: 12.48M Unix (Russian): 14M Unicaja Malaga*: 28.08M Dynamo Moscow region: 14M BALKANS ASIA Panathinaikos Athens*: 42.12M Maccabi Tel Aviv*: 16M Olympiacos Piraeus*: 35.88M Hapoel Jerusalem: 5M Aris TT Bank*: 12.48M Efes Pilsen*: 12M Partizan Belgrade*: 4.68M Fenerbahce Istanbul*: 11M Red Star Belgrade*: 3.12M Besictas Istanbul: 6M
LIST OF PLAYERS THAT ARE LEAVING AMERICA:
Gordan Giricek Signs Deal With Turkish Team
Gordan Giricek, who has averaged nearly 10 points per game since joining the NBA in 2002, signed a two-year contract with Turkey's premier club, Fenerbahce.
Jannero Pargo Signs With Dynamo Moscow
Jannero Pargo, 28, signed a one-year contract Aug. 15 with the Russia's Dynamo Moscow. Sources say the deal will be worth $3.5 million after taxes have been paid.
Carlos Arroyo Leaves Orlando For Israel
Orlando's Carlos Arroyo, 29, has accepted an offer from Israel's Maccabi Tel-Aviv. The point guard from Puerto Rico will receive an estimated $2.5 million net next season -- roughly the equivalent of a $5 million NBA salary after taxes -- as part of a three-year deal.
Earl Boykins Headed For Italy
Earl Boykins, 32, left the Charlotte Bobcats for a one-year contract with Italy's Virtus Bologna. The deal is said to be worth more than $3.5 million, which would make the 5-foot-5 guard Italy's highest-paid player.
Josh Childress to Greece
Josh Childress, 25, left the the Atlanta Hawks after four seasons for Greek club Olympiacos. Childress' three-year deal is worth about $20 million after taxes.
Nenad Krstic Headed To Russia
Nenad Krstic, 25, who spent four years with the Nets, signed a two-year deal with Triumph Moscow worth about $9 million per year. The 7-footer joined the Nets in 2004 after playing for Partizan Belgrade.
Bostjan Nachbar Returns To Europe
Bostjan Nachbar, 28, agreed to a three-year contract with Dynamo Moscow that pays the former Nets forward $14.3 million. He joined the Rockets in 2002 after playing for Benetton Treviso in Italy.
Carlos Delfino Joins Russia's BC Khimki
Carlos Delfino, who had played in the NBA since 2004, has returned to Europe. The Argentine guard, who turns 26 on Aug. 29, had played in Italy for Reggio Calabria and Skipper Bologna before joining the Pistons in 2004.
Primoz Brezec Roams To Rome
Primoz Brezec, 28, the Slovenian center who spent seven seasons in the NBA with four teams, returns to Europe, where he last played for KK Union Olimpija in 2001. He'll play alongside U.S. teen Brandon Jennings for Roma.
Jaun-Carlos Navarro Rejoins Barcelona
Juan Carlos Navarro rejoined FC Barcelona after a one-season stint with the Memphis Grizzlies. Navarro signed a five-year contract. The 28-year-old guard averaged 10.9 points for Memphis.
Jorge Garbajosa Leaves Raps For Russia
The Raptors bought out the last year of the Spanish big man's contract, freeing him to join Russia's BC Khimki for a reported two-year, $18 million deal. Jorge Garbajosa, 30, played in Spain and Italy from 1995 to 2006.
Brandon Jennings Skips College, Heads To Italy
Former Arizona recruit Brandon Jennings signed with Roma of Italy, completing his plan to pass up college and play professionally in Europe to prepare himself for the 2009 NBA draft.







first-round pick Danilo Gallinari has withdrawn from the Italian National Team, which kicks off today its Eurobasket Qualifier tournament vs. Serbia. 


