Rockets got a deal on young big man

Smith turned 22 in May after a season where his Rockets finished with the second-best record in the Western Conference. He averaged 12.2 points and seven rebounds while shooting 35.4 percent from three-point range during a season where he suffered a broken hand and lost his starting spot.

But compared to rookie extensions from last summer, the Rockets got a bargain with Smith. He got $122M over five years, which is significantly less than the deals signed by Jalen Johnson of the Atlanta Hawks and Jalen Suggs of the Orlando Magic. 

Averaging $24.5M, it's cheaper on a per-year basis than the recently traded Jalen Green's three-year, $105M deal. When you consider that the salary cap is expected to rise by 10 percent per year over the life of Smith's deal, it could be a huge bargain when he hits his prime in a few years and he's making below the average starter's salary.

The 6-foot-10 forward is not much of a dribbler, but he's an excellent jump shooter. The Rockets had a decided lack of spacing last season while playing non-shooters like Alperen Sengun, Amen Thompson and Steven Adams, while Green and Fred VanVleet were wildly inconsistent. He should get more open looks playing alongside Kevin Durant next season.

Smith thrives in Ime Udoka's switching scheme on defense, able to block shots and play defense on the perimeter. He's an especially good fit alongside the All-Defensive first-teamer Thompson. Lineups with the two of them on the court together last season had a net rating of 10.7 points, the best for any two Rockets who spent more than 700 minutes together.

He certainly has room for improvement. Smith has to get better as a shot creator and a ball-handler to unlock his offensive potential, as he highly relied on his teammates last season  — 97 percent of his three-point attempts were off passes. If he got to the foul line just a little more often, even with bigs Sengun and Steven Adams clogging the paint, Smith would become a real asset offensively.

Still, players with Smith's size who can shoot and defend this well are rare. The Rockets took a gamble on a player who needs more polish, but may be a gem. Plus, Smith will only be 28 when this contract ends. Smith got financial security, but the Rockets may have gotten a future All-Star at a steep discount.