Martin McNeal of the Sacramento Bee reports: Today signals the first day the Kings can officially begin negotiations with restricted free-agent point guard Mike Bibby and his agent, David Falk.

According to NBA rules, a new contract cannot be signed until July 16.

The Kings would love to sign Bibby, and he wants to re-sign with them. That sounds simple enough, but these negotiations will be about millions of dollars, so inevitably there will some manure in the game.

Now the Kings are in the precarious position of trying to hold down a looming luxury-tax payment after the 2002-03 season. That amount, which won't be determined until July 2003, figures to be $13 million to $19 million.

Falk knows Bibby can ask for 25 percent of the yet-to-be-determined 2002-03 salary-cap level to maximize a starting point for his earnings. Last season's cap was $42.5 million, so Falk's minimum starting point on the new deal (potentially as long as seven years) will be in the $10.6 million neighborhood.

Stretched over seven years with a 12.5 percent annual increase, the total value is approximately $102 million.

However, only the Los Angeles Clippers, Washington Wizards and Chicago Bulls have money available beyond the $4.6 million exception. So it's not like Bibby can go elsewhere and get the biggest bucks. And the Kings likely will offer him more money than any other team.

However, when all the manure is shoveled and dug, Bibby likely will get the maximum.

And the Kings hope they'll be able to pay that 2003 luxury tax after winning their first NBA title.