Jeremy Lin returns to New York on $36M deal with Nets

This year the league's salary cap would increase more than 20-million dollars from the previous year, which meant plenty of team's were flush with cash -- and this would be the best time ever to be a free-agent. And one of those to cash in on day one would be Jeremy Lin. The man that created the Lin-sanity craze in New York, is heading back to the city, only across the bridge to Brooklyn. As the guard has agreed on a new three-year deal worth 36-million dollars.

The deal apparently has a fourth year player option. Lin, turned down a 2.2 million dollar contract extension to re-sign with Charlotte, and decided to test free-agency and he obviously made the right choice in getting this new contract. Lin tweeted - "The journey continues... thankful for the next chapter!!" after finalizing the deal, and posed with an image of himself in a Brooklyn uniform in front of the team logo. "Thank you hornets for the opportunity last year... I'll miss you BuzzCity." Brooklyn will be the sixth team in seven years that he will have suited up for.

Speaking of big deals -- Mike Conley set a record for richest ever contract. The Memphis Grizzlies guard re-upped with the team on a five-year deal for a staggering 153-million dollars. His deal is the first contract over 100-million bucks and an average salary of more than 30-million, shocking considering he has never made an All-star team. Before this deal, Michael Jordan and Kobe Bryant were the only two NBA players to ever earn 30-million in a year.

Former All-Star joins fourth team in NBA career

And one other notable signing -- amongst a flurry of deals completed on day one of free-agency. Dwight Howard has reached agreement on a 3-year, $70.5 million with the Atlanta Hawks. This'll be Howard's fourth team after beginning his career with the Orlando Magic, playing one disastrous season with the LA Lakers and spending the last three seasons with the Houston Rockets.