The AP reports:  Derrick McKey, a 14-year NBA veteran, was waived Monday by the Indiana Pacers.

"This was a very difficult decision to make because Derrick has been one of the best players we've had here and has been responsible for many of our successes," team president Donnie Walsh said.

"With the way our roster is developing and the improvement of our younger players, it was going to be hard for Derrick to get playing time this year. Hopefully, he'll be able to gain a roster spot with another team," Walsh said.

Nba.com reports: The Portland Trail Blazers have traded center Will Perdue to the Los Angeles Clippers in exchange for the draft rights to Doron Sheffer, the 36th pick in the 1996 NBA Draft.

Perdue finished his first season with the Blazers in 2000-01 where he averaged 1.1 points and 1.4 rebounds in 13 games. In 13 NBA seasons, Perdue has compiled averages of 4.7 points, 4.9 rebounds and 15.6 minutes in 792 games.

Jeffery Denburg of the Atlanta Journal-Constitution reports: The Hawks renewed the contracts of Jason Terry and Dion Glover Friday, keeping the young guards in the fold through the 2002-03 season.

Under terms of the collective bargaining agreement, the two receive percentage raises based on the rookie contracts they signed in 1999. Terry, the 10th overall pick, will go from $1.689 million to $2.153 million while Glover, the former Cedar Grove High and Georgia Tech standout who was the 20th selection, will go from $1.027 million to $1.584 million.

The Hawks did not exercise the fourth-year option on center-forward Cal Bowdler. "Purely a business decision," general manager Pete Babcock said.

We want to retain some flexibility," Babcock said. "Right now we have 10 guaranteed contracts for next season. If we picked up the option on Cal that would make 11. This is not to say we won't re-sign him next summer."

Bowdler was not upset by the news.

"I don't have the credentials for an extension," he said. "I haven't earned it and I haven't had a chance to earn, so it's not a problem for me. I plan to be in the league a long, long time."

By not extending Bowdler, however, the Hawks will have an easier time trading him because many teams are looking for players with one-year deals, again to have flexibility. That was the case with Nazr Mohammed, a throw-in last February in the Dikembe Mutombo trade.

Jonathan Feigen of the Houston Chronicle reports that the Rockets kept Tierre Brown over veteran Damon Jones to give Jones an opportunity to sign with a team that would give him playing time.  The Detroit Pistons are close to signing Jones to a guaranteed contract for $565,000, according to agent Lamar Holt.  Had Jones stayed, he'd have been buried on the injured list; Tierre Brown now has that job.  The Rockets showcased Jones for the Pistons on Tuesday, playing him 22 minutes in which he got 12 points and 8 assists.

Mike Fisher of DallasBasketball.com reports:The Mavs have their ?Hangar,?? the American Airlines Center. They have their $46 million plane. And now they have their $90 million ?aircraft carrier,?? as the late hoops philosopher Al McGuire used to call players like Dirk Nowitzki.
     Tuesday, before the 113-104 win over Orlando in the preseason finale, Nowitzki signed a contract extension of six years worth between $86 and $90 million, bringing to $275 million the amount of money owner Mark Cuban has committed to players salaries this offseason alone.
     Nowitzki said, ?This is a very special day for me. We have a great organization and great fans. I am very happy that I will continue to play in Dallas.''

Ira Winderman of the South Florida Sun-Sentinel reports: Desperate times apparently have called for desperate measures:

The agent for Rod Strickland said Saturday his client has agreed to terms with the Heat.

In a move that contradicts much of the Heat's offseason approach, agent Leon Rose confirmed he had come to terms with the Heat for the services of the 35-year-old free-agent point guard.

"The only hurdle is getting this signed," said Rose, who planned to fly to South Florida today with Strickland. "There is an understanding in place."

Rose said Strickland, who bypassed interest from the Philadelphia 76ers, has agreed to the $1 million veteran's minimum. Rose said the contract would be guaranteed, which would leave the Heat with little wiggle room below the anticipated luxury-tax threshold of $54 million in team payroll.

Matt Steinmetz of the Contra Costa Times is reporting that Marc Jackson will Remain a Warrior. Golden State will announce in the next two days it has matched the Houston Rockets' six-year, $24.375 million offer sheet. Jackson, a restricted free agent, signed that offer sheet Oct. 2, and the Warriors had 15 days to decide whether or not they would match.

By matching the offer, the Warriors will bring back a player who averaged 13.2 points and 7.5 rebounds per game last season and finished third in the Rookie of the Year Award balloting. However, Jackson has been very clear about his desire not to return to Golden State.

"I don't have a choice," Jackson said from Houston Monday night. "I have to do it. I don't have a say. If I had a say, I'd be (a member of the Rockets)."

According to Jonathan Feigen of the Houston Chronicle, Moochie Norris, who signed a 6-year, $22.73 million contract yesterday, never considered playing for any other team.  There were other teams interested in him as a free agent or in a sign-and-trade (including Dallas, Indiana, Portland, Denver and Detroit), but he never entertained their offers despite the urging of his agent.  Realgm has to wonder how he managed to force Houston to add two years to their last offer when he essentially had no real leverage.  Norris' original demand was for a 6-year, $34 million contract.

In the standoff between agent Dan Fegan and the Rockets over the future of Moochie Norris, the Rockets blinked and Fegan won (again).  Norris has agreed to accept a 6-year, $22.73 million deal, reports the Houston Chronicle's Jonathan Feigen.  After a three and a half month impasse in which Norris refused to accept the Rockets' 4-year, $13.3 million offer, the two sides finally agreed on the longer deal.  During the impasse, the Rockets signed guard Damon Jones as insurance in case Norris didn't sign.

While St. John's product Omar Cook remains a darkhorse candidate to emerge with the Nets as the backup point guard, former Spur Derrick Dial entered the competition yesterday when he was signed to a make-good deal by New Jersey after clearing waivers.