Losing one of the greatest players in basketball history is never easy, much less finding a way to replace him. But after LeBron James’s departure for the Philadelphia 76ers closed an eight-season chapter of Los Angeles Lakers history, the franchise has used the summer to build a roster specifically constructed around its new centerpiece, Luka Doncic, entering his third season with the team.

James’s exit removed both a locker room leader and a player who averaged 20.9 points, 7.2 assists and 6.1 rebounds last season. The scale of that departure has fueled some skepticism about the Lakers’ ability to compete among the NBA’s best teams this coming season, particularly given that several of the team’s new additions are either coming off injury-plagued campaigns or remain unproven in significant roles. Even so, an examination of the full roster suggests the Lakers have emerged from the offseason younger, deeper and better equipped to complement Doncic’s game than at any point since he first arrived in Los Angeles.

The most important move of the Lakers’ offseason was retaining guard Austin Reaves, who signed a four-year, $180 million contract, the largest deal in league history for a player who went undrafted. Reaves averaged a career-high 23.3 points across 51 games last season, making his return as a secondary scoring option alongside Doncic a clear organizational priority heading into the summer.

The Lakers’ most significant outside addition came through a sign-and-trade acquisition of center Walker Kessler from the Utah Jazz, followed by a four-year, $130 million contract extension for the 25-year-old, 7-foot-2 big man. The move gave Doncic the kind of high-level starting center he had reportedly been seeking. Kessler led the NBA in offensive rebounding rate and offensive rebounds per game, at 4.6 per contest, during the 2024-25 season, and has consistently ranked among the league’s shot-blocking leaders when he has stayed healthy, averaging 2.4 blocks per game in both the 2023-24 and 2024-25 seasons.

The price Los Angeles paid to acquire Kessler was substantial. The Lakers sent Utah unprotected first-round draft picks in both 2031 and 2033, along with first-round pick swaps in 2028 and 2030, a package reflecting how central Kessler is expected to be to the team’s long-term plans around Doncic.

Beyond Reaves and Kessler, the Lakers added scoring guards Collin Sexton and Quentin Grimes to round out the backcourt. Sexton, who averaged 15.4 points last season, brings an energetic playing style that has historically resonated with fans, while Grimes, who averaged 13.4 points last season in Philadelphia, offers two-way versatility and prior experience playing alongside Doncic. Forward Sandro Mamukelashvili represents a potentially underrated addition who could see significant minutes either in the starting lineup or as a small-ball five off the bench under head coach JJ Redick. Guard Jaden Hardy, acquired via a trade that sent center Deandre Ayton to Utah as part of the Kessler deal, adds another young scoring option with prior experience playing alongside Doncic.

The Lakers rounded out their roster with a series of lower-cost contracts aimed at established veterans who could provide depth and specific skill sets. Kevon Looney brings championship experience and rebounding depth behind Kessler at center. Matisse Thybulle, an All-Defensive selection who has developed into an effective three-point shooter, having connected on 41% of his attempts from beyond the arc over his past two seasons in Portland, gives the Lakers a disruptive perimeter defender. Forward Ziaire Williams, who averaged 10.2 points last season in Brooklyn, adds size and athleticism on the wing.

Not every addition is guaranteed to pan out, and the Lakers still face several roster questions heading into training camp. The team currently carries 16 players on its roster and must trim that number to 15 before opening night. Depth at backup center behind Kessler could also become a concern if he struggles to stay healthy over the course of the season, given his injury history.

Even accounting for those uncertainties, the Lakers have done considerably more this offseason than simply replace a recognizable name with new personnel. The roster now features a collection of players capable of defending, running the floor, shooting and finishing scoring opportunities that Doncic creates for his teammates, a structural fit that had not fully existed around him during his previous two seasons with the team.

The Lakers’ investment in younger talent has also drawn attention during the offseason. First-round draft pick Cameron Carr had a promising Summer League showing, averaging 18.0 points per game, while two-way player Arthur Kaluma emerged as the team’s leading scorer during Summer League play, helping him secure a roster spot heading into the regular season.

The Lakers’ complete offseason roster turnover has brought in eight new players to the team so far. While legitimate risks remain given the number of unproven or recently injured additions, the organization has articulated a clear plan for the first time since Doncic’s arrival: building a roster specifically designed to grow around him rather than around a departing veteran star. That shift alone is likely to make the coming season one of the more closely watched stretches of Lakers basketball in recent years, as the franchise tests whether its retooled roster can translate into meaningful on-court success behind Doncic’s leadership.

Indian funds have grabbed seven out of the top 10 spots in the league table of leading small-cap funds across Asia, thanks to some canny stock-picking amid growing investor appetite for cheap stocks with potential to deliver multi-bagger returns.

An analysis of nearly 300 Asian small-cap schemes shows DSP BlackRock Micro Cap Fund leading the charge, delivering an 82% return over the past year. Managed by Vinit Sambre, who has been with DSP BlackRock for a little over three years, this fund has also soundly beaten the 58% rise of BSE’s Small-Cap Index since August 2009. The 30-share benchmark Sensex has gained 20% during this period while the wider BSE 500 Index is up 27%.

The other six schemes — Sundaram BNP Paribas Select Small Cap, HSBC Small Cap, JPMorgan Smaller Companies, Franklin India Prima, Franklin India Smaller Companies and ING Vysya CUB — have given investors returns between 44% and 57% on a trailing 12-month basis. These schemes manage anywhere between `46 crore and `954 crore.

Four of these funds were launched during the peak of the previous bull run between January 2007 and March 2008, and investors in them have also had to endure a massive erosion in their initial investment in the downturn that followed.

Mutual fund tracking firm Value Research called the DSP fund as an impressive product in the entire “small-cap universe”, noting that the stocks held by it were “credible, known names and there is a marked absence of momentum in the portfolio”. The fund’s holding includes companies with a high return on equity and strong leadership niches in their industries.

Value Research CEO Dhirendra Kumar said the closed-ended nature of some of these funds helped them weather the market turbulence. “These funds did not face redemption pressures through the declining phase. This, in turn helped them invest for the longer term,” he said.The DSP fund became open-ended in June this year and fund manager Mr Sambre has kept nearly 10% of his `311-crore corpus in cash to meet potential redemptions and to latch onto any opportunity in the market.

There are 10 small-cap funds in India, which manage roughly `3,450 crore in stocks. These account for just 2% of the total AUM under equity schemes.

Market experts say that as many large-cap stocks became fully priced and relatively unattractive over the past year, the rally shifted to small caps. Stocks such as cooler maker Symphony and luggage maker VIP Industries have led the small-cap charge in the market. Ahmedabad-based Symphony has surged 830% while VIP has risen 548% in the past 12 months. In comparison, top two gainers on the Sensex — Tata Motors and Tata Consultancy Services — are up 135% and 61%, respectively.

“Many small caps with excellent businesses were trading at a pathetically low valuations — many were trading below book value and at dividend yields of 5-7%,” says Deven Choksey, chief executive officer at KR Choksey Shares & Securities. “They just got purchased heavily.”

Even though small-cap funds have delivered solid returns in the past one year, experts say that investors must be cautious and have just 10-15% of their equity exposure in such funds or companies. This is largely because of the volatile nature of their stock performance.

“Investors should have a strong stomach and the ability to

withstand substantial declines in such funds,” says Mr Kumar at Value Research.

A wild black bear roaming through suburban neighborhoods in North Shelby County, Alabama, has become a social media sensation this week, drawing widespread attention as photos and videos captured the animal casually passing homes, peering into yards and clearing fences as though scouting real estate.

Posts documenting the bear’s movements began circulating rapidly among residents earlier this week, according to local outlet Bham Now. As the animal made its way along neighborhood streets, residents shared real-time photos and videos of its journey, contributing to the widespread online attention the sighting has generated.

Black bears once ranged widely across Alabama, but their numbers dropped sharply over the course of the state’s history due to habitat loss and hunting pressure. In 2006, the black bear was officially designated as Alabama’s state mammal, according to Bham Now, a symbolic recognition that came even as the species’ population remained heavily concentrated in just a few pockets of the state, primarily near Little River Canyon and Lookout Mountain in northeastern Alabama, as well as in the Mobile and Washington County area in the state’s southwest.

Conservation efforts led by the Alabama Department of Conservation and Natural Resources have helped the state’s black bear population gradually grow in recent years. That recovery has come with a notable behavioral pattern among young male bears specifically: according to Bham Now, male bears, particularly younger individuals, may roam as far as 100 miles from their dens in North Alabama during the summer months in search of new territory, a pattern that could help explain how a bear ended up wandering through the Birmingham suburbs, well outside the species’ core habitat range.

The sighting reflects a broader dynamic playing out across parts of the country as wildlife populations recover and human development continues expanding into or near natural habitats. As black bear populations and other wildlife rebound in various regions, animals are increasingly likely to move through residential neighborhoods that have been built near their habitats or along established travel corridors the animals have historically used to move between territories.

Human activity within those neighborhoods can also increase the likelihood of these kinds of encounters. Easily accessible food sources, including unsecured household trash, outdoor pet food left in yards, and bird seed placed in feeders, can draw bears into residential areas and, over time, teach the animals to associate proximity to people and homes with a reliable food source, making them more likely to linger near neighborhoods rather than moving through quickly.

That dynamic creates risks for both residents and the bears themselves. A bear wandering through a residential subdivision can raise immediate safety concerns for nearby residents, disrupt normal daily routines, and put both pets and people at risk of an unwanted encounter. For the bear, extended time spent near roads, fences and homes similarly increases the likelihood of vehicle collisions, physical injury, elevated stress, or other dangerous conflicts with people or domestic animals that the bear would not typically encounter within its natural habitat.

State wildlife officials have offered clear guidance for residents who encounter a bear in their neighborhood. According to guidance summarized by Bham Now, people should leave bears alone entirely, maintaining a safe distance and never attempting to feed or touch the animal under any circumstances. Officials have specifically warned that feeding bears, even unintentionally through unsecured food sources, can make future encounters more dangerous over time by conditioning the animals to associate human presence with an easy meal, a behavioral shift that tends to make bears bolder and less likely to avoid populated areas on their own.

Residents in areas where bears have been spotted can take several practical steps to reduce the likelihood of repeat visits from the same or other animals. Securing garbage in bear-resistant containers or storing it indoors until collection day, bringing outdoor pet food inside rather than leaving it accessible overnight, and removing other potential attractants such as unsecured bird feeders from yards can all help discourage bears from lingering in residential areas. If a bear is actively present nearby, residents are advised to supervise any pets closely and give the animal a clear, unobstructed path to move on, since cornering or startling a bear increases the risk of a tense or dangerous encounter for both the animal and any nearby people or pets.

Wildlife officials in Alabama and other states with recovering bear populations have increasingly emphasized public education around these kinds of encounters as black bear numbers continue rebounding in regions where the species had previously become rare or locally absent. As development continues to expand into or near areas bears use for seasonal movement, particularly during the summer dispersal period when young males often travel long distances from their home territory, wildlife officials expect similar sightings to continue occurring periodically in suburban and semi-rural communities located near the state’s core bear habitat zones.

For now, the North Shelby County bear appears to have simply been passing through, continuing what wildlife experts describe as a natural seasonal pattern of long-distance roaming among young male bears, even as its brief visit to the neighborhood turned it into an unexpected online sensation among residents who documented its unusual, homebuyer-like tour of the area.

New York state has recorded its first known case of Bourbon virus, a rare and potentially fatal illness transmitted through the bite of a Lone Star tick that currently has no known treatment or vaccine, according to physicians at Stony Brook Medicine in Suffolk County.

The confirmed patient was treated for the virus in April, according to Stony Brook Medicine, with the diagnosis made by Dr. Luis Marcos, a professor in the departments of medicine and microbiology and immunology at the Renaissance School of Medicine at Stony Brook University, and director of the school’s Tick-borne Disease Clinic, along with his colleagues.

Marcos described the severity of the confirmed case, which required hospitalization. “This one case certainly was the Bourbon virus, and over a one-month period antibody titers increased eight-fold,” Marcos said. “The patient had shown some very severe symptoms and was hospitalized.” According to local media reports, the patient has since recovered from the illness.

Marcos and his colleagues published their findings in a broader study in the American Journal of Tropical Medicine and Hygiene, examining 107 individuals who presented with fever and other symptoms consistent with tick-borne illness between 2019 and 2024, according to Stony Brook Medicine.

Bourbon virus was first discovered in 2014 and takes its name from Bourbon County, Kansas, where the initial case was identified. Since its discovery, the virus has been confirmed to cause the deaths of at least two people, one in 2014 and a second in 2026, according to a news release from Stony Brook Medicine.

Marcos suggested that the virus may be significantly more widespread in the Northeast than current diagnosed case counts indicate, given both the region’s tick population and the overlap in symptoms between Bourbon virus and other, more commonly diagnosed tick-borne illnesses. “There are a lot of lone start ticks in New York and in the Northeast, we have dense populations, and when someone is infected with Bourbon virus symptoms they are similar to other tick-born infections,” Marcos said. “For these reasons, the Bourbon virus is likely more prevalent than we think in our region and other cases are likely not being diagnosed.”

Cases of Bourbon virus have previously been reported across the Midwest and Southern United States in addition to the Northeast, according to the Centers for Disease Control and Prevention. Symptoms of the infection include fever, fatigue, rash, headache, body aches, nausea and vomiting, the CDC said, a symptom profile that closely overlaps with several other tick-borne illnesses, complicating efforts to accurately diagnose the virus without specific antibody testing.

There is currently no vaccine available to prevent Bourbon virus infection, and no approved medication exists to treat the illness once contracted, leaving supportive medical care as the primary treatment option for patients who develop severe symptoms. The virus remains considerably rarer than more well-known and extensively studied tick-borne illnesses, including Lyme disease, which affects a far larger number of people annually and has been the subject of significantly more scientific research and public health attention.

Marcos and his co-authors emphasized the need for expanded medical infrastructure to better track and diagnose the virus going forward. The researchers wrote that their study results “highlight the need for expanded viral surveillance, clinical testing and assay development to improve clinical decision-making and inform tick-borne disease epidemiology and vector management.”

The Lone Star tick, formally known by the scientific name Amblyomma americanum, is the specific tick species responsible for transmitting Bourbon virus to humans. The species has expanded its range significantly across parts of the eastern and central United States in recent years, a shift researchers have linked to changing climate conditions and land use patterns that have created more favorable habitat for the tick across a broader geographic area, including parts of the Northeast where the species was historically less common.

Health officials generally recommend standard tick-bite prevention measures to reduce the risk of Bourbon virus and other tick-borne illnesses, including wearing long sleeves and pants when in wooded or grassy areas, using insect repellent registered with the Environmental Protection Agency, conducting thorough tick checks after spending time outdoors, and promptly removing any attached ticks using fine-tipped tweezers. Because early symptoms of Bourbon virus closely resemble those of other tick-borne illnesses and common viral infections, physicians have emphasized that a high index of clinical suspicion, combined with a thorough patient travel and exposure history, remains important for identifying potential cases that might otherwise go undiagnosed or be misattributed to a more commonly recognized tick-borne illness.

With New York’s first confirmed case now documented and researchers continuing to study the virus’s broader prevalence in the region, health officials and infectious disease specialists are expected to continue monitoring for additional cases as diagnostic testing capacity for the rare virus gradually expands across the Northeast and other regions where the Lone Star tick population continues to grow.

A police department outside New York City used an unusual tactic to catch distracted drivers this week, deploying an officer disguised as a shrub, complete with a pair of binoculars, to spot motorists using their phones behind the wheel.

The Dunellen Police Department in Middlesex County, New Jersey, stationed the disguised officer along North Washington Avenue on Wednesday as part of a six-hour enforcement operation targeting drivers in violation of the state’s handheld cellphone law. The officer wore a ghillie suit, a camouflage outfit typically associated with military and hunting use that is designed to closely mimic surrounding foliage, allowing the officer to blend into the roadside landscape while observing passing traffic.

Police chose the location specifically because it is a heavily trafficked, pedestrian-heavy corridor in the borough’s downtown area, according to Patch. From the concealed vantage point, the disguised officer used binoculars to identify drivers using handheld devices and radioed those observations to other officers stationed nearby, who then pulled over the identified vehicles. By the end of the six-hour operation, police had issued 74 citations to drivers found to be distracted by their phones or other devices.

The Dunellen Police Department detailed the results of the operation in a social media post following the crackdown. “The results? Our ‘shrub’ was busy. We issued 74 citations to drivers distracted by their devices in a six-hour window,” the department wrote. “Let this be a reminder: That text or notification can wait. Keep your eyes on the road, not your screen!”

Det. Sgt. Nicholas Goldman, addressing the department’s decision to publicize the operation with a lighthearted tone, explained the intent behind sharing photos of the disguised officer online. “Did you spot our ‘shrub’ today? If you had your head buried in your phone, probably not,” the department wrote in an earlier post announcing the operation. “To address the elephant, or shrub, in the room, our officer didn’t wear a ghillie suit during the entire enforcement detail.” Goldman told CBS News New York the photo was intended as a creative way to draw public attention to the department’s broader safety efforts on social media. In a separate photo shared by the department, another officer who participated in the crackdown wore a T-shirt printed with the message “not a cop.”

New Jersey’s handheld cellphone law prohibits drivers from using a mobile phone or similar device without hands-free technology while operating a vehicle. First-time offenders under the law face fines ranging from $200 to $400, according to Newser’s reporting on the operation, with penalties generally increasing for repeat violations.

The Dunellen operation drew widespread attention online after ABC News shared footage and details of the enforcement effort, helping the story spread rapidly across social media and other news outlets covering unconventional police tactics. The department’s approach generated a mixed public reaction, with some commenters online praising the creative enforcement method as an effective way to catch distracted drivers who might otherwise never suspect a roadside “shrub” was actually a police officer, while other commenters raised broader questions about the use of undercover or disguised tactics for traffic enforcement more generally, with some suggesting police resources might be better directed toward other public safety priorities.

Disguised or camouflaged enforcement tactics for traffic violations are not entirely unprecedented among U.S. police departments, though the specific use of a full ghillie suit to blend into roadside foliage represents a particularly elaborate version of the concept. Law enforcement agencies in various jurisdictions have periodically used unconventional, publicity-generating tactics, including disguises and unmarked observation posts, specifically to draw broader media and public attention to ongoing traffic safety campaigns, reasoning that the resulting news coverage and social media discussion can extend the deterrent effect of an enforcement operation well beyond the drivers who were directly cited during the crackdown itself.

Distracted driving remains a significant traffic safety concern nationally, with handheld device use behind the wheel cited as a contributing factor in a substantial share of vehicle crashes and traffic fatalities each year. States including New Jersey have continued to strengthen and actively enforce handheld device laws in recent years as part of broader efforts to reduce distraction-related crashes, with departments like Dunellen’s periodically conducting high-visibility enforcement campaigns intended both to issue citations and to reinforce public awareness of the risks associated with phone use while driving.

With Wednesday’s operation now concluded and its results widely publicized, the Dunellen Police Department’s disguised enforcement effort is likely to be remembered as one of the more unconventional distracted-driving crackdowns conducted by a U.S. police department in recent memory, even as officials emphasized that the underlying goal remained squarely focused on reducing dangerous, phone-related driving behavior along one of the borough’s busiest downtown corridors.

Amazon is offering a free $350 gift card to customers who pre-order Samsung’s new Galaxy Z Fold 8 smartphone, adding to a wave of retail promotions tied to the foldable device’s recent unveiling as it heads toward general availability in early August.

Under the current offer, customers who pre-order the 256GB, unlocked version of the Galaxy Z Fold 8 through Amazon pay the phone’s full retail price of $1,899.99 and receive a $350 Amazon gift card bundled with the purchase, with no trade-in or discount code required. The gift card is not delivered instantly; customers will receive an email notifying them once the credit becomes available, a process that occurs after the phone ships. The offer is scheduled to run through Aug. 6, meaning customers who pre-order sooner secure the bonus before the promotional window closes.

The promotion follows Samsung’s Galaxy Unpacked event, held July 22, where the company unveiled a broad slate of new hardware in a single announcement, including the Galaxy Z Fold 8, the Galaxy Z Fold 8 Ultra, the Galaxy Z Flip 8, new Galaxy Watch models and the company’s first Galaxy Glasses product. With that much new hardware introduced simultaneously, comparing available deals across the various devices and retailers has required some additional research for shoppers looking to find the most favorable offer for their specific device of interest.

The Galaxy Z Fold 8 itself represents a notable design shift for Samsung’s foldable lineup. When unfolded, the device functions as a compact tablet, offering an immersive viewing experience for movies, reading and other media consumption. Samsung has described the Z Fold 8 as the lightest foldable phone the company has produced to date, aiming to reduce the bulk that has historically been associated with book-style foldable devices. When folded closed, the phone functions similarly to a conventional smartphone for everyday tasks such as texting and general use. Samsung has also positioned the Z Fold 8’s display as the brightest screen featured on any Galaxy phone to date, a specification intended to improve visibility and reduce glare when the device is used outdoors in direct sunlight.

On the design front, Samsung has emphasized that the Galaxy Z Fold 8 features a wider profile, a smoother hinge mechanism and a display crease that the company says is now nearly imperceptible, addressing a long-standing point of criticism directed at foldable phones generally since the category’s introduction. The device’s camera system includes a 50-megapixel dual camera setup paired directly with the device’s display, allowing users to preview and review their shots clearly both before and after capturing an image. For video capture, the phone includes a feature called Super Steady Video with Horizontal Lock, designed to keep footage visually level even when the device is being used to film fast-moving or chaotic scenes.

Amazon’s current gift card bundle is not the only promotional offer available for shoppers interested in the Galaxy Z Fold 8. Other retailers have introduced their own competing incentives tied to the device’s launch. AT&T has offered a path for eligible customers to receive the Galaxy Z Fold 8 at no cost through a combination of trade-in credits and carrier promotions, according to related coverage from Mashable, while T-Mobile has separately offered its own version of a free Galaxy Z Fold 8 promotion tied to specific plan and trade-in requirements. Samsung has extended similar gift card and trade-in promotions across other newly announced devices from the same Unpacked event, including a $200 Amazon gift card bundled with pre-orders of the Galaxy Z Flip 8, a $100 gift card tied to pre-orders of the Galaxy Watch Ultra 2, and a $50 gift card offered alongside pre-orders of the standard Galaxy Watch 9.

The scale and variety of these launch-window promotions reflects the broader competitive dynamics shaping the premium smartphone and wearable market this year, as manufacturers and retailers alike compete aggressively for consumer spending during the critical early sales window following a major product announcement. Given the substantial retail price of premium foldable devices like the Galaxy Z Fold 8, promotional incentives such as bundled gift cards, trade-in credits and carrier-specific discounts have become an increasingly significant factor in how consumers evaluate where to make their purchase, often determining which specific retailer or carrier a given shopper ultimately chooses even when the underlying device itself remains identical across those different sales channels.

With the current Amazon gift card promotion set to expire Aug. 6 and the Galaxy Z Fold 8 approaching its broader general availability date in early August, shoppers interested in taking advantage of the current offer have a limited window to place a qualifying pre-order before the terms of the deal potentially change or the promotion is discontinued entirely, consistent with the way similar launch-window smartphone promotions have historically been structured by major retailers.

Stephen Curry is open to signing a below-max contract extension with the Golden State Warriors, according to people around the NBA, a decision that could sacrifice as much as $40 million but potentially give the franchise added financial flexibility to build around him as he closes out his career.

Curry, 38, is in the final season of his current Warriors contract, set to earn $65 million for the 2026-27 season. He is eligible to become a free agent in 2027, or he can sign a contract extension as soon as next month worth as much as $137 million over two seasons, the maximum allowed under the league’s current rules.

Speculation has centered on whether Curry will follow the approach recently taken by San Antonio Spurs star Victor Wembanyama, who signed an extension earlier this month for 25% of the salary cap rather than the full 30% he was eligible to receive, a decision that cost him roughly $50 million relative to the maximum available deal. A Western Conference executive, speaking about the possibility that Curry could take a similar approach, expressed confidence that Curry would seriously weigh a below-max deal. “I think you absolutely will see Stephen Curry negotiate on that, but he is a smart guy,” the executive said. “He’ll want to know the options and the plan.”

Any decision by Curry to leave money on the table would carry broader implications beyond his own contract. The National Basketball Players Association has generally opposed players accepting less than their maximum eligible salary, viewing such decisions as potentially undermining broader collective bargaining leverage across the league. Curry has never served as an especially outspoken voice within the union, but has consistently maintained a respectful relationship with the NBPA throughout his career, a dynamic that could factor into how he ultimately approaches the decision.

Despite that broader union dynamic, Curry is described as motivated primarily by wanting to help the Warriors finish out his career competitively, and is said to be open to taking less than the maximum contract if doing so would meaningfully help the team build a stronger roster around him. Golden State currently has the ability to create significant salary cap room next summer, a flexibility that would be enhanced further if Curry accepts a below-max extension now.

Several variables remain unresolved that could shape how the situation ultimately plays out. Chief among them is the health and performance outlook for forward Jimmy Butler, whose potential return to form next season, and any decision by the Warriors about re-signing him and at what price, would factor directly into how the team could use any additional cap flexibility gained from a Curry sacrifice. The composition of the broader trade and free agent markets in the coming year would also shape whether giving up guaranteed money would actually translate into a meaningful roster upgrade for Golden State. According to people familiar with the situation, it would make little sense for Curry to give up money if the Warriors lack realistic star-level targets to pursue with the resulting cap space, meaning any final decision is likely to depend heavily on how those other roster questions resolve themselves over the coming months.

One prominent agent, discussing the balance Curry faces in weighing a below-max deal, pointed to Kobe Bryant’s final contract as a cautionary example rather than a model to follow. Bryant signed for the full maximum salary during his final two NBA seasons, earning $49 million total, while playing for Lakers teams that combined to win just 38 games over those two years, from 2014 to 2016. “I do think it is a balance for someone like Steph because you want to do right by your fellow players but you don’t want to go out like Kobe did,” the agent said. “There’s a middle ground.”

According to people familiar with the situation, that middle ground is likely to resemble the approach Wembanyama recently took in San Antonio: accepting roughly 25% of the salary cap rather than the full maximum. For Curry specifically, that structure would translate into a two-year deal worth approximately $90 million, a discount that would free up an additional $20 million in cap flexibility for the Warriors heading into next summer’s roster-building efforts.

Curry’s broader legacy with the Warriors organization has long been tied to the franchise’s transformation from decades of dysfunction into one of the NBA’s most successful franchises. Golden State spent 35 years struggling across every level of the organization, from players and coaches to the front office and ownership, before Curry fell to the team in the 2009 NBA draft. Early in his career, ankle injuries suffered just before he became extension-eligible on his rookie contract led him to sign for just $44 million over four years, a below-market deal at the time relative to several of his contemporaries, before his career blossomed into one of the most transformative individual runs the sport has seen, built substantially around his revolutionary impact on long-range shooting.

With Curry now eligible to negotiate a new extension as soon as next month, the Warriors organization faces a consequential decision point over how to balance loyalty to its longtime franchise player with the roster flexibility needed to compete effectively during what both Curry and the team clearly view as the closing chapter of his playing career.

MUMBAI: A trading combination involving Nifty options is gaining prominence among savvy trading desks of institutional investors. The strategy, known as calendar spread, where traders simultaneously sell options contracts in the current month and purchase in the next month, is being recommended by brokers to institutional clients, who see sharp moves in Nifty options’ implied volatility — a key component of options pricing — in September.

“There is scope for money to be made by selling current month vols (implied volatility) and buying September vols,” said Girish Patil, manager-derivatives, Antique Stockbroking. In this spread strategy, traders use the premium they receive by selling the current series to part-finance the cost of buying options in the next month. “With only a few more days for the August series expiry, vols are unlikely to jump in this series,” Patil said.

Futures and options contracts for the August series will expire on 26th while the September series will expire on 30th next month.

Options sellers, who pocket the premium from the buyer, prefer fewer trading days in a trading month because of time value — another key aspect of options pricing. Time value of options decays closer to expiry of contracts, resulting in limited movements in options prices.

Selling Nifty 5500 calls options in the August series and buying the same contract in the September series is a good strategy in this kind of a market, said Shailesh Kadam, AVP-derivatives, PINC Research.

“This strategy bets that the Nifty will be range-bound and will not move above 5500 in the August series, while the undertone is positive next month,” Kadam said.
In the past one month, the Nifty has largely moved in a tight band between 5350 and 5450, resulting in the volatility index — a measure of traders’ expectations of near-term risks in the market — moving in the 15-20% band, the lowest range since January 2008. This indicates traders are comfortable about the market levels in the near-term.

Brokers said that options traders have struggled to make money, of late, in the absence of sharp index movements. “Vol buyers (buyers of options) have lost their money, while sellers don’t have the courage to sell vols at such low levels,” said the head of derivatives at an institutional broking house. “So, unless there is a sharp move, calendar spread appears to be the best strategy,” he said.