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It was another roller coaster ride on the U.S. stock markets Monday as the Dow Jones industrial average plummeted another 200 points and economists began wondering aloud whether our economy was crumbling before our eyes.

It was also another roller coaster ride for NBA free agents as yet another team, the Raptors, publicly threw in the towel, saying they no longer had the money to pursue key restricted free agent Keon Clark.

On Monday, the Raptors withdrew their $3 million qualifying offer, making Clark an unrestricted free agent and essentially ending his tenure with the Raptors.

Mauled by a nasty bear market.

The Raptors are just the latest team to cite the looming NBA luxury tax for a strict financial conservatism. The Celtics let go of Rodney Rogers, a player they traded a lottery pick for in February, because of the tax. They then shipped Kenny Anderson out of town, again in a tax-related move. Other teams like the Hawks, Sonics, Hornets, Cavs and Spurs are telling free agents the same thing.

Today is the last day NBA teams can withdraw the qualifying offers they gave their restricted free agents. Clark may not be the only victim. The Bulls recently pulled their offer back for A.J. Guyton, and sources say that there's a possibility that the Celtics will withdraw their offer to center Mark Blount and the T-Wolves may yank Loren Woods' offer.

Raptors GM Glen Grunwald sounded like Alan Greenspan Monday. "We just don't have the money that Keon would accept," Grunwald said in a conference call Monday night. "Like a lot of other teams, we just don't have the money we thought we could spend. . .We feel Keon deserves a fair contract but a fair contract for Keon would be an unfair contract for us.

"It wasn't a matter of us not wanting Keon or Keon not wanting to come back here. It was the new landscape that we're operating in the NBA. ... A fair contract to Keon would turn into an unfair contract for the Raptors because of the payments we would have to make for the luxury tax."

It was the Raptors' "irrational exuberance" last summer, signing Jerome and Alvin Williams to huge, long-term deals, that prohibited the Raptors from offering the promising Clark a contract on par with forward Jerome Williams. That's a major blow to the Raptors, who will privately concede that Clark has more talent than Williams.

The Raptors must now, like the Celtics, figure out a way to replace Clark via trade. The team has been talking to the Jazz about a Donyell Marshall-for-Jerome Williams-and-Michael Bradley trade for some time, but told reporters Monday that right now, everything is on the back-burner. The team is also looking at using the money it is saving to re-sign unrestricted free agent Dell Curry. "I talked to [coach] Lenny [Wilkens] yesterday and he expressed interest in bringing him back," Grunwald told the Globe and Mail. "So that would be a good thing, but we have to look and address our needs."

Clark hopes that he can still find a team willing to use its full $4.5 mid-level exception on him. He should have a few takers. Clark's agent, Jim Mourer, said about 10 teams have contacted him and three of them have shown serious interest. The Knicks, Heat, Magic, Kings, Sixers and Jazz are all in the hunt for Clark and all six teams have indicated that they'll use their full exception for the right player. Mourer had indicated that Clark would prefer to play for a warm-climate team and both the Heat and Magic have been in the hunt since day one.

Where's the best fit for Clark? Insider did some snooping around and gives you the skinny on each city.

New York: What the Knicks really need is a center. Though Clark can play the position, he's rail thin and doesn't have the bulk to bang inside. With Antonio McDyess now in the fold, Clark could swing to small forward, a position he sometimes played with the Raptors. In fact, when Clark started at forward last season his numbers jumped to 15.4 ppg, 9.2 rpg and 1.7 bpg. However, until the team figures out a way to rid itself of Latrell Sprewell, an increasingly difficult task, Clark's better off playing somewhere else.

Miami: Mourer claims that he hasn't had contact with the Heat in some time, so they may be out of the running. The Heat just drafted their small forward of the future, Caron Butler, and have Brian Grant at the four. Still, Pat Riley has been looking for a young, athletic forward for years and Clark fits the bill. He's a strong rebounder, excellent shot blocker and runs the floor well. The question for Clark is whether he has the discipline to play in Riley's highly structured environment. The Raptors had issues with Clark's off-the-court behavior. He'll have to grow up to play for the Heat.

Orlando: The Magic are desperate for a big man who will rebound and block some shots. While they'd prefer a banger who can defend in the post, Clark's game is well suited to the offense the Magic runs. The Magic, however, are reluctant to give Clark a big contract because of cap issues next season. GM John Gabriel has been trying to clear roughly $10 million in cap space to make a run at Tim Duncan next summer. However, the team is slowly realizing that it's looking unlikely that Duncan will actually bolt San Antonio next year. Adding Clark now could be the steal of the summer.

Sixers: Coach Larry Brown has had a love-hate relationship with all of his small forwards over the last few years. With free agent Matt Harpring holding out for big money, the Sixers may be better off bringing Clark into the fold. He's taller, more athletic and a better defender than Harpring. The Sixers, however, are already well into the luxury-tax range. Just how much more can they afford?

Jazz: With the team still in a stalemate with Donyell Marshall, bringing in Clark makes a lot of sense. He's younger, asking for less money and could give the team another much-needed shot of adrenaline. While his role on the team would be less clear while Karl Malone was still playing, his addition could complete the Jazz's core of the future that includes Raul Lopez, DeShawn Stevenson, Andrei Kirilenko and Curtis Borchardt. You wonder, however, how long coach Jerry Sloan will be able to stomach Clark's notorious inconsistency.

Kings: The Kings are a real darkhorse here. They're already firmly in luxury tax land once they re-sign Mike Bibby, but the Maloof brothers won't mind paying the bill if Clark could put them over the top. The Kings really don't have a player like him and his athleticism and shot blocking would be a great fit. Don't be shocked if Clark ends up in Sacramento when all is said and done.

Raptors give up Keon Clark

Doug Smith / Toronto Star

Issue of luxury tax means Clark likely to depart

David Naylor / Globe and Mail

Clark Back In Knick Picture

Marc Berman / New York Post

NOTEBOOK: No contact from Heat

Ira Winderman / South Florida Sun-Sentinel

Sonics willing to up the ante for Rashard Lewis

Just hours after pulling off one of the biggest trades in team history, the Sonics quickly turned their sights back to bringing Rashard Lewis home.

Lewis, an unrestricted free agent, has been furious at what he perceives as low ball offers from the Sonics. Right now, the standing offer is for seven years, $49 million, about $40 million less than what Lewis is demanding.

However, the team's ability to move Vin Baker may help Lewis indirectly. Even though the team actually took back about a million more in salary than it sent out, Kenny Anderson's $9 million contract comes off the books next summer.

Sonics president Wally Walker said, given the long-term savings, the Sonics may be willing to offer Lewis a little more because the team would only incur the luxury tax for one season.

"There's a chance this year we may be in luxury-tax land," Walker told the Seattle Post Intelligencer. "We would rather not be, but there's a chance we will be. But [this trade] helps us with our flexibility going forward from here, which gives us more control over the salary cap and luxury tax.

"We are willing to spend whatever it takes to keep our club both competitive and fiscally responsible. Sometimes they're mutually exclusive, but in this case, we don't think so."

According to the Tacoma News Tribune, the Sonics will likely offer Lewis about $60 million, taking them slightly over the luxury-tax threshold, and then increasing the package through incentives &$151; such as All-Star appearances and making All-NBA team.

The question is, will that be enough for Lewis? Lewis is currently in Houston and has told several people close to him that he believes the Sonics are being disloyal and that he would consider taking the mid-level exception from another team. However, if the Sonics continue to sweeten the pot, Lewis may have little choice but to return to Seattle.

Sonics turn focus to signing Lewis

Percy Allen / Seattle Times

Lewis waiting for offer

Danny O'Neil / Seattle Post-Intelligencer

Baker now the Celtics' problem

Frank Hughes / Tacoma News Tribune

Bulls trying to get big at small forward

Jerry Krause seems reserved to save his free-agent money for seasoned veterans who can mentor his Baby Bulls. That's why the Berto Center has looked like an AARP convention of late as old-timers like Danny Manning, Corie Blount and Kevin Willis make their visits with the Bulls.

But that hasn't stopped Krause from scouring the trade block for a big small forward who can play defense and hit the open jumper. While the team thought it was getting that last summer when it signed Eddie Robinson, the Bulls now feel that playing Robinson and Jalen Rose together for long stretches will cause problems.

The Bulls have been using Marcus Fizer for the last year as trade bait, but so far teams are biting. While Fizer has inside toughness and scoring ability, he isn't a great rebounder and has struggled on the defensive end the last two years. With Fizer's value low, there's growing speculation around the league that Robinson may also be availble as part of a package deal.

The Bulls have targeted Mike Miller and restricted free agent Matt Harpring, the Chicago Tribune reports. However, the Magic aren't that high on Fizer and their attempts to land point guard Jamal Crawford have all been rebuffed by Krause.

The Sixers have told teams they'll match any offer for Harpring, which means the Bulls would likely have to work out some sort of sign-and-trade to get Harpring in the door.

Keon Clark is another possibility, but the Tribune reports that the Bulls aren't high on him.

Small forward a large need

K.C. Johnson / Chicago Tribune

Are the Knicks close to landing their center?

Knicks fans . . . the news you've been waiting for.

After a summer filled with fantastic rumors of Andre Miller, Glenn Robinson, Wally Szczerbiak and even Rasho Nesterovic, it looks like president Scott Layden is finally getting down to business.

Drum roll, please . . .

Layden spent a few days at the Rocky Mountain revue talking to Cavs GM Jim Paxson and, sit down for this, it looks like he's going to get his hands on center Michael Doleac, Newsday reported.

We'll pause for the celebration.

Layden's latest pursuit probably may be a notch or two below getting Miller or Szczerbiak, but it's also the most realistic scenario to come out of New York all summer. For the Knicks to land a big-time player, they need to send teams back something they want. The problem is, few teams are interested in the conglomeration of overpaid, over the hill, fading stars the Knicks' roster is currently littered with.

Though they do have their full mid-level exception to throw at some lucky soul, there aren't a lot of players worth the money. Keon Clark may be worth the cash, but he isn't the center Layden is looking for.

Doleac spent time playing in Utah, the University that is, so he meets one major requirement for a Layden acquisition. Last summer, Layden snagged Howard Eisley and Shandon Anderson, both former Jazz products. While Doleac's numbers weren't impressive, he does have the size, 6-foot-11, 262 pounds, to make a difference in the middle. He also has a decent shooting touch, and given the dearth of big men out there, Doleac may be the best the Knicks can do.

Layden Wooing Doleac

Greg Logan / Newsday

Layden sizes up options

Frank Isola / New York Daily News

Summer League update

Insider's Terry Brown is in Salt Lake right now. He'll file daily news and notes from the Rocky Mountain Revue. Here's his take:

Who is Chris Anderson? And why is he dunking on my favorite player?

In his two Rocky Mountain Revue games for the Nuggets, spanning 34 total minutes, he's totaled 19 points, eight boards, five steals, two blocks and one assist on 7 of 9 shooting to lead the entire Revue at 77 percent . . . yet no one knows who he is.

Rumor has it he played a few games for the Nuggets last season, snapped his right wrist, sprained his left shoulder, yet still put up 17 points and pulled down nine boards in a single game against Utah. He'll tell you that he once scored 60 or so points in a single high school game and once tallied 27 points, 27 rebounds and 27 blocks in another during his prep career in Iola, Texas, a tiny 1A school with a graduating class of 34. But where the hell is Iola?

He's listed at 6-foot-10, 230 pounds, so how did he fit all those tatooes, six at last count, on that skinny frame, his favorite being the "God's Grace" running down his left tricep in Old English, not to be confused with the "Good Ole' Boyz" running across his right chest? Who knows whether he got those before or after playing his only collegiate season at Blinn J.C. And, by the way, where the hell is Blinn? Why did he go there instead of, say, Duke . . . Michigan . . . or UCLA, perhaps?

You can read that he was the first player ever selected in the inaugural NBDL draft AND first-ever "call up" to the NBA later that season. But how did he get from Iola to Blinn to Taylorsville, Utah for this Rocky Mountain Revue where the poor guy is trying to change from his game uniform to baggy blue jeans and two diamond studs in his ears while print, radio and TV types are crowding him with questions about the time he blocked Karl Malone's shot as a rookie.

Listed to his southern drawl, how he talks about the 7-and-a-half pound bass he once caught in a small Iola pond back in the day, how he admires KG, believes the Nuggets are going to win a lot more games this year, smiles and says: "If you're not having fun, then you're just not playing the game."

He is polite, engaing, you almost want to tug at the soul patch underneath his chin just to make sure he's real, and you wonder why this white kid from the south hasn't been your favorite player all along?

DAJUAN IN TRIPLICATE

Another game, another torching.

Cleveland's Dajuan Wagner scored 28 of his team's 67 points as the Nuggets hammered the Cavs by 24 points but could not contain the 6-foot-2 stick of dynamite.

Now, before you start pointing fingers and calling out cornrows, Wagner is averaging a Revue high of 26 points per game while shooting 52 percent from the field and 47 percent from three-point range. That's 8-for-17 from distance to be exact.

And stop telling him to pass the ball when the rest of his starting five is shooting 9-for-29 from the field and the team is down by 18 by halftime.

During the regular season last year, the Cavs shot only 12.5 per game at 37 percent. Their opponents shot 14.6 per game at 39 percent. But during the Revue, the Cavs are shooting 20.5 per game as of Sunday at 36 percent while the rest of the tourney teams are shooting only 10 per game at 25 percent.

In fact, the entire Revue teams are averaging 2.7 made three-pointers per contest. Wagner, by himself, is averaging 2.6.

7-FOOT SHORT

Denver's Nikoloz Tskitishvili, the 19 year old from Russia, is listed at 84 inches exactly.

Just don't let him know that.

He dribbles like a point guard, shoots like a shooting guard and passes well enough for a small forward. The problem is that he rebounds like one, too. Thus far in the Revue, he's played 52 minutes and grabbed a grand total of only four rebounds.

He's posted up in the paint even fewer times and guarded a player five inches shorter than him, which wasn't entirely his fault until the domesticated Matt Barnes went baseline and used his opposite hand to dunk on our Georgian friend.

But boy can he shoot. An eye-popping 73 percent from the field for his italian team last year before becoming the No. 5 pick in the draft. He played in only 11 games and averaged a pedestrian 6.6 ppg but stroke is self-evident and smooth as his last name once you learn how to pronounce it correctly.

Start the Dirk Nowitkzi comparisons now.

Just try not to look so surprised when this 7-footer crosses over your favorite defender before going around his back and through his legs.

For the tourney, he is averaging 9.5 points per game on 50 percent shooting.

OTHER NOTABLES

Ruben Boumtje Boumtje of the Blazers became the first player in the Revue to go double-digit fouls in a single game, totaling 10 against the Grizzlies on Sunday night. Add in the six he got on opening night and he's in a neck and neck race with Cleveland's DeSagana Diop, whose next arm curl will be his first, who added seven more personal fouls last night to go along with the 11 he had in the previous game. For the night, Diop scored zero points (0-2), dished out zero assists, grabbed two rebounds and blocked one shot in 17 minutes of play.

Olden Polynice is cashing in all 14 years of his NBA experience for a shot with the Raptors and is averaging three points and 4.5 rebounds on 33 percent shooting. Thomas Hill of Duke fame 1993, went scoreless Saturday after tallying 11 points and six rebounds Friday for the Dallas Mavericks.

Reigning Revue MVP Zach Randolph has played in 105 minutes of a possible 120 thus far after averaging 5.8 minutes per game for the Blazers during the regular season.

Make sure you check out our Rocky Mountain Revue, Pro Summer League , Shaw's Pro Summer League, and Orlando Summer Pro League pages for rosters, leaders and box scores.

New life ahead for Tskitishvili

Marc J. Spears / Denver Post

Peep Show

Sonics: How is Kenny Anderson handling his imminent demotion to backup point guard with the Sonics? "I'm not going to start criticizing [the Celtics]," Anderson told the Boston Globe. "I'm not in a bad situation. Playing time -- I don't really worry about it. I wasn't ready to accept that role coming off the bench yet, but for a year, I'll see what's out there. The players, we're going to be here. We're going to be playing. Teams come and go. . . .Gary Payton is Mr. Sonic. He's been there his whole career. He's going to play his minutes, but I'm suited now to play any type of role. I'm mature. Sometimes I'll play with him. From what I've heard, they wanted me there. So, it wasn't like I was going to a place where they don't want me. [seattle coach] Nate McMillan wanted me there. I'm still young and I'm still in shape, but I respect Gary Payton to the fullest. I'm going to accept my role and be a professional for a year."

Celtics: Expect the Celtics to use some of the money they saved in the Vin Baker to trade to re-sign veteran forward Walter McCarty, a league source told Insider Monday night. McCarty, a fan favorite, made over $3 million last season. He'll be in for a major pay cut, but it isn't like he has many other options. That should bring the Celtics up to 11 guaranteed contracts for the season. Celtics sources told Insider that the team will not carry more than 12 contracts this season. Free agent Damon Jones and rookies Darius Songaila and J.R. Bremer are in the running for the last roster slot.

Nuggets: Team officials are cautiously optimistic rookie forward-center Nene Hilario will settle his contract situation in time to make his Rocky Mountain Revue debut today. The Nuggets are expected to pay $350,000, the maximum allowed in the buyout, while Hilario would pay about $400,000. If the contract situation is resolved, Hilario will be available to play at 2 p.m. today against Chicago.

Nets: GM Rod Thorn met with Raptors free agent Chris Childs and his agent, Lon Babby, to discuss the particulars of the backup point guard job. "It was a good meeting," Thorn told the N.Y. Post. "He's a candidate, a guy with a lot of experience who has played well. He's a good player." Childs is not the only candidate, Thorn said. Incumbent Anthony Johnson is a candidate, and the Nets are looking at two other young free agents, the Pistons' Damon Jones and the Bucks' Rafer Alston.

Spurs: Veteran Danny Ferry signed a two-year contract with the Spurs Monday. The team should be set to re-sign Bruce Bowen today with Malik Rose following shortly thereafter, the San Antonio Express News reported.

Grizzlies: The team signed 7-1, 254-pound Polish center Cezary Trybanski to a three-year, $4.8 million contract Monday. "We feel fortunate to have Cezary join our team, because he has a tremendous amount of raw talent and has the potential to be a very good player in the NBA," team president Jerry West said in a statement. "He is athletic, skilled and explosive for his size; and we expect him to develop into a great addition to our team at the post position."

Lakers: The team reached an agreement on a two-year partially guaranteed contract with undrafted point guard Jannero Pargo Monday, a league source told Insider. With 11 players already under contract for the Lakers, Pargo will likely be battling free agent Brian Shaw for the Lakers' last roster spot. Pargo, a 6-foot-2 point guard who played at Arkansas, averaged 11 points and 1.6 assists per game for the Lakers at the L.A. Summer Pro League.

Sixers: Center Samuel Dalembert of the 76ers sprained his left wrist during a Shaw's Pro Summer League game Saturday in Boston and will be out for for about two weeks, the Philadelphia Inquirer reported.


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That kid is going to bring a lot of excitement to CLE. I think they need to go ahead and make the Odom/Wilcox/Ely/Mcinnis for Miller/filler deal. If they end up sucking as bad as everyone seems to think they will and then end up winning the LeBron James Sweepstakes next year, holy cow!

Big Z/Diop

Wilcox/Ely/Hill

Odom/Murray/Jones

James/Davis

Wagner/who cares!

That team could be unbelievably good in a few years.

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