The Philadelphia 76ers have matched restricted free agent forward Paul Reed’s three-year, $23 million offer sheet with the Utah Jazz and will retain him.

Reed signed the offer sheet on Saturday morning, and the Sixers waited until 90 minutes prior to the 11:59 p.m. ET Sunday deadline to inform Utah that they matched the sheet. Reed has veto power on any trade and can’t be moved to Utah for a full year.

One of the terms of the offer sheet provided a unique twist on Reed’s contract: The first season of the contract is fully guaranteed, but the next two seasons, worth $15.7 million, become guaranteed if the Sixers advance to the Eastern Conference semifinals, sources said. Given where the two franchises stand, it was more likely the Sixers would have to guarantee those 2024-2025 and 2025-2026 seasons than the Jazz.

As the Houston Rockets general manager 11 years ago, Daryl Morey signed Chicago Bulls restricted free agent center Omer Asik to a three-year, $24.3 million offer sheet. The deal included a “poison pill” provision that backloaded $15 million in the third year of the contract, an idea that Morey — now the Sixers president of basketball operations — worked on with Asik’s agent, Justin Zanik.

Now, Zanik is the Jazz GM who delivered that unique guarantee provision in Reed’s offer sheet.

Reed was something of a revelation for the Sixers a season ago, playing in 69 games — more than the 63 he played in his first two seasons combined. Reed, the 58th pick in the 2020 NBA draft, ranked in the top 10 in offensive rebounding percentage last season, according to ESPN Stats & Information research.

In four starts a season ago, including regular and postseason, Reed averaged 11.8 points and 11.5 rebounds. In his first playoff start, Reed had 10 points and 15 rebounds in Game 4 against the Brooklyn Nets. Reed was the first Sixers player to have 15 points in his playoffs debut since Samuel Dalembert in 2005.

Philadelphia signed center Mo Bamba on a one-year deal in free agency and brought back forward/center Montrezl Harrell on a new one-year contract, as well.