The Spurs announced the re-signing of Ginobili on Thursday night after first using their salary-cap space to sign former All-Star center Pau Gasol, Latvian import Davis Bertrans, rookie Dejounte Murray, big man Dewayne Dedmon and young guards Ryan Arcidacono and Bryn Forbes.
ESPN.com reported earlier Thursday that the Spurs were planning to sign Ginobili to a one-year deal in the $10 million range, but sources say that a two-year offer from the Philadelphia 76ers worth an estimated $30 million -- though only partially guaranteed in Year 2 -- convinced the Spurs to raise their offer to the Argentinean.
Philadelphia's interest in Ginobili was first reported by The Vertical.
Even though Ginobili, who turns 39 later this month, had already announced last week via Twitter that he's "happy to tell you guys that I'll be coming back to the Spurs for another season," San Antonio took the Philadelphia threat seriously enough to increase its offer Thursday.
Because San Antonio holds Ginobili's full Bird rights, it had the ability to exceed the salary cap to re-sign him at a massive raise from last season's $2.8 million after using all of its available salary-cap space to complete the other signings.
Ginobili was scheduled to earn a mere $2.9 million this season but declined his 2016-17 player option last month to become a free agent. The contract for next season represents a healthy reward for Ginobili's longstanding loyalty to San Antonio, which led him to sacrifice millions over the years in multiple contract negotiations to help maintain financial flexibility for the Spurs.
Sources say Philadelphia was moved to make a play for Ginobili given his ties to 76ers coach Brett Brown, who worked as a Spurs assistant before taking the Philadelphia job, as well as the Sixers' desire to add to a growing core of strong veteran influences that now features recent signees Jerryd Bayless and Sergio Rodriguez.
The Spurs, as ESPN.com first reported, were also forced to waive face-of-the-franchise Tim Duncan on Monday in the wake of his retirement. San Antonio can stretch the $5.6 million owed to Duncan next season over the course of the next three years and help fill out its first Duncan-less roster since the 1996-97 season.