Childress signs with Greek club team Olympiakos

Josh Childress signing a three-year $20 million deal is not that outrageous—except for the fact that it is for a non-NBA team. Leaving the NBA and the United States behind, Childress is really the first of his kind to spurn NBA offers to play in Europe.

In Olympiakos, he is going to a title-contending club that finished second to Panathinaikos in the Greek basketball league last season. They also just signed another big-name player, Greek star Theodoros Papaloukas, completing a solid roster overhaul that should bring them close to the title.

So let me get this straight... Childress went from being an Atlanta Hawks reserve to possibly the premiere player in the Greek league. He will play fewer games, get paid more money and be a star? Sounds like a good deal to me.

The best part about the contract is after each season, he has an opt-out clause to return to the NBA. So all Childress really needs to do is have one great season in Greece to hopefully raise his value even more than the $5.6 million he was set to receive from the Hawks’ rumored offer. Atlanta will retain his rights as a restricted free agent as long as they provide him with qualifying offers each season.

While I can see this as a bit of a hit to Atlanta, who is in the middle of a resurgence and just made their first playoff appearance in years, Childress definitely made the right decision for his life and career. Aside from the notoriety he will gain abroad, if all goes well he will be an even bigger commodity here. Besides, he’s making $6.66 million after taxes as opposed to $5.6 million before taxes…big difference!

The only question I really have is: Where did Olympiakos get the money?