The Philadelphia 76ers have made their most significant and most expensive free agent signing since the initiation of The Process, coming to terms with J.J. Redick on a one-year, $23 million deal, according to multiple reports Saturday afternoon.

Redick all but confirmed the news with a tweet of his own:

The one-year deal with a hefty annual salary suits both parties. Sixers general manager Bryan Colangelo reportedly is not interested in guaranteeing two or more years to a veteran as he seeks to maintain salary flexibility going forward. The Sixers should have significant cap space to spend on a prized free agent in 2018 or 2019, when their talented young core figures to have developed and moved closer to contention.

Redick, meanwhile, had been criminally underpaid his entire career, and finally gets the payday he deserves. The former Orlando Magic and Los Angeles Clippers sharpshooter never made more than $7 million per year in Orlando, and spent four years in Los Angeles on a contract worth a total of just under $28 million. The $23 million salary for 2017-18 is more than triple the yearly wage that Redick made in any of his previous 11 seasons in the league.

The one-year deal also makes sense for Redick. As the most qualified veteran in Philadelphia, Redick can get paid, help a young team grow, and, provided he has an acceptable season, sign another decently sized contract with a contender next summer. Or he could take a significant pay cut to chase a ring. Or, maybe — *whispers* — he helps turn the Sixers into a contender in the East, and re-ups for another year or two in Philly.

On the court, Redick provides a young Sixers team with exactly what it needs as it attempts to build around the trio of Joel Embiid and rookies Ben Simmons and Markelle Fultz. The Sixers’ biggest voids were veteran leadership and shooting, and Redick will arrive in Philadelphia with endless supplies of both. He is a career 41.5 percent 3-point shooter, arguably one of the best in NBA history, and has transformed himself into a solid defender. By all accounts, he is also a great locker-room presence.

Redick’s perimeter shooting will space the floor for Simmons, a poor jump shooter, and Fultz, still somewhat of an unknown quantity as a rookie. Embiid seems excited about the prospect of kick-outs to Redick as well:

The Sixers were able to splurge on Redick because they entered free agency with around $50 million of cap space. With their remaining space, they could sign a second free agent, or they could use it to renegotiate and extend small forward Robert Covington, a former undrafted free agent who has developed into a strong defender and a coveted young piece for Philly. The latter option is more likely.

The Sixers reportedly met with Redick late Friday night, soon after free agency began. The deal was agreed upon roughly 16 hours later.

According to Liberty Ballers‘ Kyle Neubeck, Redick turned down multiple offers of two years or more to sign with Philadelphia:

“It’s where I wanted to be,” he told ESPN’s Adrian Wojnarowski.

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