Great posts by beb0p !!!
Europe is not a threat for NBA just because basketball is not that popular there.
Just look at European markets ...
Italy, Spain - very strong basketball countries with many decent local players. They have decent budgets too, but nothing crazy. I think they will rely on their local guys + some European guys + some mediocre American ones.
France - not a competitor by any means. They do not have enough money even to sign good Europeans.
Germany - France divided by 5.
Israel - there is only one rich team - Maccabi Tel Aviv and they are not famous for sensational contracts with NBA players. They have a very good budget and like American B-players but Childress-like contracts is the maximum. So, IMHO, Israel is capable of signing only one solid NBA player.
Greece - a competitor. I do not think that people love basketball more than soccer there but they sure love it. They invest a lot of money in basketball and I guess there are 3-4 teams that can "steal" 5-8 good NBA players and Olymp. and Panath. can offer 15M tax free contracts each. But again, we are talking about 2 stars and 4-6 solid guys like Childress.
Russia - could have been the competitor, but it is not. The Russians are in love with soccer and Canadian hockey. Basketball competes with tennis or bandy (have you heard of it??). Basically, basketball in Russia is like hockey in Arizona (they have team in Phoenix, they have fans, they care about it but you know what I mean). There is a very, very rich team in Russia (CSKA) that is owned by the 24th richest man in the world, Michael Prokhorov. But they do not sign players for 10M+ contracts. Their coach, Mussina, prefers to have 7-8 equally good players (see Pistons' style of play). I think they might sign someone big in NBA but it will be Russian speaking guys like Kirilenko or Biedrins, or their beloved Serbian/Croatian guys. Other teams (like 3-4) are capable of signing no more than 10 NBA bench players like Delfino or Nachbar. Again, basketball is not big there.
I think that NBA teams should not panic. I think NBA is going to lose more players in the future but we are talking here about 3-4 star players (not super stars) and about 20-25 bench and very deep bench guys (mostly Europeans).
Last news: Biedrins has signed with GS. So, one trouble less for NBA
