NBA Free Agency Update: Carmelo and Terry

Carmelo Anthony and Jason Terry were the first big names to agree to new deals with their current teams.

ESPN reported that, "The Nuggets formally offered Anthony a five-year maximum contract extension worth an estimated $80 million on Saturday morning and Anthony didn't hesitate to accept."

Dallas avoided another Steve Nash incident with Jason Terry as well. "Terry made it as close to official as the rules allow Saturday, telling ESPN.com that he has accepted the Mavericks' free-agent contract offer."

Some other big names who received extention offers, including Cleveland's LeBron James, The Miami Heat's Dwayne Wade and Toronto's Chris Bosh haven't formally responded to their offers yet, and are expected to wait until after the holiday weekend before doing so. All of these other three are expected to agree to the maximum extentions.

Dallas will now turn toward extending the contracts of their other two main players from the their Finals' team, Josh Howard and Dirk Nowitski. Neither was thought to be a problem, however Nowitski recently came out against owner Mark Cuban's ownership style. There's been no word on Cuban's response.