A weaker version of the
Larry Bird Exception to salary cap rules, this variant is called "
Early Qualifying Veterans Free Agents" in the
CBA. Unlike in the Larry Bird exception, which is a total of
three seasons, a player qualifies for this in
two seaons of play. Note, however, that this play must be without being waived or
changing teams as a free agent.
By using this exception, a team may resign the free agent at 175% of salary, or average player's salary, whichever is greater. This salary may bring the team above the salary cap for the team - hence, the term exception. While under this exception, a player may receive up to 12.5% salary increases, this can last no longer then six seasons.