BOW Analytics · Value vs. Contract

What a star is worth when every dollar doesn’t cost a dollar.

Apron-Adjusted Surplus Value (AASV)prices a player two ways — the wins he produces, and what his contract truly costs once the CBA’s apron penalties are charged against it. The gap between the two is his real trade value. Every assumption below is yours to set.

178 tracked contracts · 30 teams · hand-curated from public reporting · how the model works →

New here?

The whole idea in one sentence: a player is worth what he produces minus what he truly costs — and every number that goes into that sentence is a dial you can turn, not a fact we hand you. If terms like “apron” or “surplus value” are new, the glossary defines every one, and Track 101 teaches the economics behind the dials.

Step 1 · Worldview

Adopt a worldview

The model’s every number depends on what you believe a win costs. Pick a desk to sit at — everything on this site recomputes under it.

Step 2 · Pick a fight

The Open Docket

All 24 open questions →
01
Knife edgeIs Nikola Jokic's $55.2M deal fair value or an albatross — which read survives a real season?

The bear/bull sensitivity band doesn't just move the surplus number, it moves the verdict itself: an albatross in the pessimistic case, fair value in the optimistic one, on the exact same contract.

02
Worldviews disagreeThe Ring Chaser calls Nikola Jokic's contract a bargain; The Accountant calls the same deal an albatross — who's right about what a win costs?

Every preset worldview runs the same $55.2M contract through its own price-of-a-win and apron fear, and the verdict moves 3 tiers depending on which one you believe.

03
Window contradictionWhy is PHX paying $141M of apron tax like a contender while the roster still reads retooling?

PHX's tracked books sit at severe apron risk: Second-apron majority lifts $141M of cap into $283M of true cost — a $141M tax premium and the roster tools that come with it.

04
Window contradictionWhy is BOS paying $184M of apron tax like a contender while the roster still reads retooling?

BOS's tracked books sit at severe apron risk: Second-apron majority lifts $184M of cap into $369M of true cost — a $184M tax premium and the roster tools that come with it.

Step 3 · Run the numbers yourself
Players tracked178
Combined cap hits$4242M
Tracked albatross deals80
House View

Today's read on the tracked slate

Victor Wembanyama is the standout at +$37.7M of tracked surplus; Jayson Tatum is the biggest hole at −$104M under water; and 80 of 178 tracked deals grade as albatross risk under these assumptions.

Model Assumptions

AASV = wins × $/win − cap hit × apron multiplier. Set the knobs to your own front-office judgment — every number on this page updates live.

$3.5M
What one marginal win costs on the open market.
1.50×
How much a first-apron team's dollar really costs (tax bill, shrinking roster tools).
2.00×
The punitive tier — frozen picks, no salary aggregation, repeater tax.
Production vs. true contract cost
Below apronFirst apronSecond apron
002020404060608080100100120120TRUE CONTRACT COST ($M, APRON-ADJUSTED)PRODUCTION VALUE ($M)FAIR VALUE↑ SURPLUSOVERPAID ↓TatumBookerTownsGilgeous-AlexanderWembanyamaWilliams
178 of 178 players
RankVerdict
1Victor WembanyamaSAS$13.4MBelow apron$51.1M+$37.7MBargain
2Jalen WilliamsOKC$6.6MBelow apron$39.4M+$32.8MBargain
3Shai Gilgeous-AlexanderOKC$38.3MBelow apron$63.4M+$25.1MBargain
4Chet HolmgrenOKC$13.7MBelow apron$27.1M+$13.4MBargain
5Paolo BancheroORL$15.3MFirst apron$25.2M+$2.2MFairly priced
6Yves MissiNOP$3.4MBelow apron$3.2M−$0.2MFairly priced
7Isaiah CollierUTA$3.9MBelow apron$3.6M−$0.3MFairly priced
8Gradey DickTOR$4.4MBelow apron$3.9M−$0.5MFairly priced
9Matas BuzelisCHI$4.4MBelow apron$3.9M−$0.5MFairly priced
10Devin CarterSAC$4.1MBelow apron$3.6M−$0.5MFairly priced
11Kris DunnLAC$4.3MBelow apron$3.6M−$0.7MPaying a premium
12Ziaire WilliamsBKN$4.3MBelow apron$3.6M−$0.7MPaying a premium
13Bilal CoulibalyWAS$8.4MBelow apron$7.7M−$0.7MFairly priced
14Taylor HendricksUTA$8.4MBelow apron$7.7M−$0.7MFairly priced
15Keyonte GeorgeUTA$8.0MBelow apron$7.2M−$0.8MFairly priced
16Toumani CamaraPOR$8.0MBelow apron$7.2M−$0.8MFairly priced
17Jaden IveyDET$8.5MBelow apron$7.7M−$0.8MFairly priced
18Donovan ClinganPOR$8.3MBelow apron$7.2M−$1.1MFairly priced
19Ausar ThompsonDET$9.3MBelow apron$8.1M−$1.2MFairly priced
20Obi ToppinIND$15.0MBelow apron$13.8M−$1.2MFairly priced
21Isaiah StewartDET$15.0MBelow apron$13.8M−$1.2MFairly priced
22Keegan MurraySAC$9.4MBelow apron$8.1M−$1.3MFairly priced
23T.J. McConnellIND$9.0MBelow apron$7.7M−$1.3MFairly priced
24Bogdan BogdanovicLAC$9.5MBelow apron$8.1M−$1.4MFairly priced
25Keldon JohnsonSAS$15.8MBelow apron$14.3M−$1.5MFairly priced
26Tre JohnsonWAS$9.6MBelow apron$8.1M−$1.5MPaying a premium
27Tidjane SalaunCHA$5.8MBelow apron$4.3M−$1.5MPaying a premium
28Kel'el WareMIA$5.8MBelow apron$4.3M−$1.5MPaying a premium
29Kon KnueppelCHA$9.2MBelow apron$7.7M−$1.5MPaying a premium
30Santi AldamaMEM$10.2MBelow apron$8.6M−$1.6MPaying a premium
31Ayo DosunmuCHI$16.0MBelow apron$14.3M−$1.7MFairly priced
32Nickeil Alexander-WalkerATL$15.5MBelow apron$13.8M−$1.7MFairly priced
33Ace BaileyUTA$9.9MBelow apron$8.1M−$1.8MPaying a premium
34Zach EdeyMEM$9.9MBelow apron$8.1M−$1.8MPaying a premium
35Stephon CastleSAS$10.4MBelow apron$8.6M−$1.8MPaying a premium
36Luguentz DortOKC$16.2MBelow apron$14.3M−$1.9MFairly priced
37Harrison BarnesSAS$18.0MBelow apron$16.1M−$1.9MFairly priced
38Patrick WilliamsCHI$18.0MBelow apron$16.1M−$1.9MFairly priced
39Shaedon SharpePOR$18.0MBelow apron$16.1M−$1.9MFairly priced
40Corey KispertWAS$16.3MBelow apron$14.3M−$2.0MFairly priced
41Davion MitchellMIA$11.8MBelow apron$9.6M−$2.2MPaying a premium
42Peyton WatsonDEN$3.9MFirst apron$3.6M−$2.3MPaying a premium
43Terance MannBKN$7.7MBelow apron$5.4M−$2.3MPaying a premium
44Egor DeminBKN$7.4MBelow apron$5.0M−$2.4MPaying a premium
45Aaron WigginsOKC$11.5MBelow apron$9.1M−$2.4MPaying a premium
46Coby WhiteCHI$12.0MBelow apron$9.6M−$2.4MPaying a premium
47Brandon ClarkeMEM$12.5MBelow apron$10.0M−$2.5MPaying a premium
48Zaccharie RisacherATL$12.5MBelow apron$10.0M−$2.5MPaying a premium
49Brandon MillerCHA$11.6MBelow apron$9.1M−$2.5MPaying a premium
50Steven AdamsHOU$4.4MFirst apron$3.9M−$2.7MAlbatross risk
51Alex SarrWAS$12.3MBelow apron$9.6M−$2.7MPaying a premium
52Grant WilliamsCHA$13.3MBelow apron$10.5M−$2.8MPaying a premium
53Jalen DurenDET$20.0MBelow apron$17.2M−$2.8MFairly priced
54Nikola VucevicCHI$20.0MBelow apron$17.2M−$2.8MFairly priced
55Alex CarusoOKC$20.0MBelow apron$17.2M−$2.8MFairly priced
56Taurean PrinceMIL$4.5MFirst apron$3.9M−$2.8MAlbatross risk
57Malik MonkSAC$19.5MBelow apron$16.6M−$2.9MFairly priced
58Onyeka OkongwuATL$19.5MBelow apron$16.6M−$2.9MFairly priced
59Jakob PoeltlTOR$19.5MBelow apron$16.6M−$2.9MFairly priced
60Ivica ZubacLAC$20.7MBelow apron$17.8M−$2.9MFairly priced
61Herbert JonesNOP$13.5MBelow apron$10.5M−$3.0MPaying a premium
62Damian LillardPOR$14.0MBelow apron$10.5M−$3.5MPaying a premium
63Andrew NembhardIND$23.0MBelow apron$19.5M−$3.5MPaying a premium
64Marcus SmartLAL$5.0MFirst apron$3.9M−$3.6MAlbatross risk
65Walker KesslerUTA$22.0MBelow apron$18.4M−$3.6MPaying a premium
66Miles BridgesCHA$23.3MBelow apron$19.5M−$3.8MPaying a premium
67Cam ThomasBKN$24.0MBelow apron$20.1M−$3.9MPaying a premium
68DeMar DeRozanSAC$24.7MBelow apron$20.7M−$4.0MPaying a premium
69Tobias HarrisDET$26.0MBelow apron$21.8M−$4.2MPaying a premium
70Josh GiddeyCHI$25.0MBelow apron$20.7M−$4.3MPaying a premium
71Norman PowellMIA$25.0MBelow apron$20.7M−$4.3MPaying a premium
72Deandre AytonLAL$8.0MFirst apron$7.2M−$4.8MAlbatross risk
73Anthony BlackORL$8.0MFirst apron$7.2M−$4.8MAlbatross risk
74Quentin GrimesPHI$8.0MFirst apron$7.2M−$4.8MAlbatross risk
75Dejounte MurrayNOP$30.0MBelow apron$25.1M−$4.9MPaying a premium
76Isaiah HartensteinOKC$30.0MBelow apron$25.1M−$4.9MPaying a premium
77RJ BarrettTOR$30.0MBelow apron$25.1M−$4.9MPaying a premium
78Jalen JohnsonATL$30.0MBelow apron$25.1M−$4.9MPaying a premium
79Kristaps PorzingisATL$30.7MBelow apron$25.7M−$5.0MPaying a premium
80Immanuel QuickleyTOR$32.5MBelow apron$27.5M−$5.0MPaying a premium
81Trey Murphy IIINOP$28.0MBelow apron$23.0M−$5.0MPaying a premium
82Jordan PooleNOP$32.0MBelow apron$26.9M−$5.1MPaying a premium
83Nic ClaxtonBKN$29.3MBelow apron$24.1M−$5.2MPaying a premium
84CJ McCollumWAS$33.3MBelow apron$28.1M−$5.2MPaying a premium
85Kelly Oubre Jr.PHI$8.3MFirst apron$7.2M−$5.3MAlbatross risk
86Khris MiddletonWAS$34.0MBelow apron$28.7M−$5.3MPaying a premium
87Jaren Jackson Jr.MEM$34.0MBelow apron$28.7M−$5.3MPaying a premium
88Bennedict MathurinIND$29.0MBelow apron$23.5M−$5.5MPaying a premium
89Tyler HerroMIA$29.0MBelow apron$23.5M−$5.5MPaying a premium
90Jrue HolidayPOR$32.4MBelow apron$26.9M−$5.5MPaying a premium
91Goga BitadzeORL$6.8MFirst apron$4.7M−$5.5MAlbatross risk
92Devin VassellSAS$29.2MBelow apron$23.5M−$5.7MPaying a premium
93Reed SheppardHOU$8.9MFirst apron$7.7M−$5.7MAlbatross risk
94Deni AvdijaPOR$35.0MBelow apron$29.3M−$5.7MPaying a premium
95Buddy HieldGSW$9.0MFirst apron$7.7M−$5.8MAlbatross risk
96Amen ThompsonHOU$9.6MFirst apron$8.1M−$6.3MAlbatross risk
97Jonathan KumingaGSW$7.8MFirst apron$5.4M−$6.3MAlbatross risk
98Gary Trent Jr.MIL$10.0MFirst apron$8.6M−$6.4MAlbatross risk
99James HardenLAC$36.3MBelow apron$29.9M−$6.4MPaying a premium
100Michael Porter Jr.BKN$38.3MBelow apron$31.7M−$6.6MPaying a premium
101LaMelo BallCHA$38.0MBelow apron$31.1M−$6.9MPaying a premium
102Scottie BarnesTOR$38.7MBelow apron$31.7M−$7.0MPaying a premium
103Cade CunninghamDET$46.4MBelow apron$39.3M−$7.1MPaying a premium
104Bam AdebayoMIA$37.1MBelow apron$29.9M−$7.2MPaying a premium
105Al HorfordGSW$11.0MFirst apron$9.1M−$7.4MAlbatross risk
106Domantas SabonisSAC$43.4MBelow apron$35.3M−$8.1MPaying a premium
107Brandon IngramTOR$44.0MBelow apron$35.9M−$8.1MPaying a premium
108VJ EdgecombePHI$12.4MFirst apron$10.0M−$8.6MAlbatross risk
109Lauri MarkkanenUTA$46.4MBelow apron$37.7M−$8.7MPaying a premium
110Bobby PortisMIL$12.6MFirst apron$10.0M−$8.9MAlbatross risk
111Pascal SiakamIND$47.3MBelow apron$38.3M−$9.0MPaying a premium
112Zach LaVineSAC$48.0MBelow apron$38.8M−$9.2MPaying a premium
113Klay ThompsonDAL$16.6MFirst apron$14.9M−$10.0MAlbatross risk
114Austin ReavesLAL$13.9MFirst apron$10.5M−$10.3MAlbatross risk
115Cooper FlaggDAL$13.9MFirst apron$10.5M−$10.3MAlbatross risk
116Rui HachimuraLAL$17.0MFirst apron$14.9M−$10.6MAlbatross risk
117Royce O'NealePHX$9.5MSecond apron$8.1M−$10.9MAlbatross risk
118Daniel GaffordDAL$18.1MFirst apron$16.1M−$11.1MAlbatross risk
119Luke KornetBOS$10.0MSecond apron$8.6M−$11.4MAlbatross risk
120Miles McBrideNYK$9.8MSecond apron$8.1M−$11.5MAlbatross risk
121Christian BraunDEN$19.4MFirst apron$16.6M−$12.5MAlbatross risk
122Mike ConleyMIN$10.8MSecond apron$9.1M−$12.5MAlbatross risk
123Payton PritchardBOS$11.4MSecond apron$9.1M−$13.7MAlbatross risk
124P.J. WashingtonDAL$22.0MFirst apron$18.4M−$14.6MAlbatross risk
125Cameron JohnsonDEN$22.5MFirst apron$18.9M−$14.8MAlbatross risk
126Jabari Smith Jr.HOU$24.0MFirst apron$20.1M−$15.9MAlbatross risk
127Alperen SengunHOU$33.9MFirst apron$34.7M−$16.2MPaying a premium
128De'Aaron FoxSAS$37.1MBelow apron$20.9M−$16.2MAlbatross risk
129Aaron GordonDEN$24.7MFirst apron$20.7M−$16.4MAlbatross risk
130Kyle KuzmaMIL$24.9MFirst apron$20.7M−$16.7MAlbatross risk
131Nikola JokicDEN$55.2MFirst apron$65.8M−$17.0MPaying a premium
132Draymond GreenGSW$25.8MFirst apron$21.2M−$17.5MAlbatross risk
133Mark WilliamsPHX$14.0MSecond apron$10.5M−$17.5MAlbatross risk
134Naz ReidMIN$14.0MSecond apron$10.5M−$17.5MAlbatross risk
135Max StrusCLE$16.0MSecond apron$14.3M−$17.7MAlbatross risk
136Myles TurnerMIL$26.8MFirst apron$22.4M−$17.8MAlbatross risk
137Grayson AllenPHX$17.5MSecond apron$15.5M−$19.5MAlbatross risk
138Jalen SuggsORL$30.0MFirst apron$25.1M−$19.9MAlbatross risk
139Luka DoncicLAL$45.9MFirst apron$48.4M−$20.4MAlbatross risk
140Trae YoungATL$46.0MBelow apron$23.9M−$22.1MAlbatross risk
141Josh HartNYK$20.0MSecond apron$17.2M−$22.8MAlbatross risk
142Zion WilliamsonNOP$39.4MBelow apron$16.5M−$22.9MAlbatross risk
143Kawhi LeonardLAC$50.0MBelow apron$26.8M−$23.2MAlbatross risk
144Derrick WhiteBOS$28.1MSecond apron$32.1M−$24.1MAlbatross risk
145Dillon BrooksPHX$21.5MSecond apron$18.4M−$24.6MAlbatross risk
146Ja MorantMEM$39.4MBelow apron$14.2M−$25.2MAlbatross risk
147Desmond BaneORL$37.9MFirst apron$31.1M−$25.8MAlbatross risk
148De'Andre HunterCLE$22.4MSecond apron$18.9M−$25.9MAlbatross risk
149Franz WagnerORL$38.7MFirst apron$31.7M−$26.3MAlbatross risk
150Mikal BridgesNYK$24.9MSecond apron$22.8M−$27.0MAlbatross risk
151Jalen BrunsonNYK$34.9MSecond apron$41.2M−$28.6MAlbatross risk
152Jaden McDanielsMIN$24.4MSecond apron$20.1M−$28.7MAlbatross risk
153Tyrese MaxeyPHI$37.9MFirst apron$27.9M−$29.0MAlbatross risk
154Jalen GreenPHX$25.8MSecond apron$21.2M−$30.4MAlbatross risk
155Anfernee SimonsBOS$27.7MSecond apron$23.0M−$32.4MAlbatross risk
156Giannis AntetokounmpoMIL$54.1MFirst apron$47.3M−$33.9MAlbatross risk
157Julius RandleMIN$30.9MSecond apron$26.3M−$35.5MAlbatross risk
158Jarrett AllenCLE$32.0MSecond apron$26.9M−$37.1MAlbatross risk
159Anthony EdwardsMIN$45.6MSecond apron$47.3M−$43.9MAlbatross risk
160Tyrese HaliburtonIND$45.6MBelow apron$0.0M−$45.6MAlbatross risk
161Rudy GobertMIN$35.0MSecond apron$22.6M−$47.4MAlbatross risk
162Darius GarlandCLE$41.0MSecond apron$33.5M−$48.5MAlbatross risk
163Jamal MurrayDEN$46.4MFirst apron$20.0M−$49.6MAlbatross risk
164Kyrie IrvingDAL$36.7MFirst apron$5.4M−$49.7MAlbatross risk
165OG AnunobyNYK$42.5MSecond apron$34.7M−$50.3MAlbatross risk
166Kevin DurantHOU$54.7MFirst apron$30.3M−$51.7MAlbatross risk
167Donovan MitchellCLE$46.4MSecond apron$38.4M−$54.4MAlbatross risk
168Evan MobleyCLE$46.6MSecond apron$38.3M−$54.9MAlbatross risk
169LeBron JamesLAL$52.6MFirst apron$23.0M−$55.9MAlbatross risk
170Jimmy ButlerGSW$54.1MFirst apron$21.8M−$59.3MAlbatross risk
171Stephen CurryGSW$59.6MFirst apron$29.2M−$60.2MAlbatross risk
172Anthony DavisDAL$54.1MFirst apron$19.9M−$61.2MAlbatross risk
173Paul GeorgePHI$51.7MFirst apron$8.7M−$68.8MAlbatross risk
174Joel EmbiidPHI$55.2MFirst apron$8.8M−$74.0MAlbatross risk
175Jaylen BrownBOS$53.1MSecond apron$29.9M−$76.3MAlbatross risk
176Devin BookerPHX$53.1MSecond apron$27.5M−$78.7MAlbatross risk
177Karl-Anthony TownsNYK$53.1MSecond apron$26.9M−$79.3MAlbatross risk
178Jayson TatumBOS$54.1MSecond apron$4.1M−$104MAlbatross risk
Trade Machine

Swap any two tracked contracts. Each player’s value is repriced at his new team’s apron tier — the gap between the two is surplus created (or destroyed) by the cap alone. Runs on your slider assumptions.

Trade Analysis · Apron RepricingValue created+$4.1M

+$4.1M of value created in transit

Boston CelticsSecond apron
▼ Sends Jayson Tatum ($54.1M)
▲ Gets Kawhi Leonard ($50.0M)
Cap $4.1MIncoming true cost $100M (2.00×)
Gains value+$30.9M

BOS banks +$30.9M of surplus: Kawhi Leonard reprices to $100M of true cost at the second apron, cheaper value than Jayson Tatum was returning.

LA ClippersBelow apron
▼ Sends Kawhi Leonard ($50.0M)
▲ Gets Jayson Tatum ($54.1M)
Cap +$4.1MIncoming true cost $54.1M (1.00×)
Loses value−$26.8M

LAC gives up −$26.8M of surplus: Jayson Tatum's $54.1M true cost at the below apron outruns the −$23.2M Kawhi Leonard provided.

Jayson Tatum's $54.1M is priced at 2.00× on BOS but 1.00× on LAC — moving the bigger salary toward the BOS tier is what creates +$4.1M of surplus, before either roster plays a game.

On value alone BOS is the better side of the deal (+$30.9M vs −$26.8M for LAC) — a clear win-one-side trade.

Legality read: Salaries are $4.1M apart (within the ~25% straight-swap tolerance), so this works as a one-for-one under standard matching rules.

What this ignores: Pure value only: this ignores positional fit, roster construction, draft compensation, health, and contract length. A real front office weighs all of them — the surplus math is the starting point of the conversation, not the end of it.

Computed under model defaults

Step 4 · Publish

Clip evidence anywhere you see “+ Clip”, arrange it in the notebook, and compile a draft the publication’s editor understands.

Open your notebook →