(Source)

Fans have been wondering about restricted free agent Josh Childress’ status as an Atlanta Hawk since the end of the season. Well wonder no more, Childress is going to Greece! Childress has agreed to the terms of a three-year contract with the Olympiakos of Greece.

The deal is the most lucrative current contract in European basketball and the biggest in Euroleague history. It’s also another step in the globalization of the game, a trend that got a huge boost recently when the top-rated U.S. high school player, California native Brandon Jennings, opted for a contract with an Italian team over playing at Arizona.

The Hawks retain Childress’s NBA rights for at least two years, but they lose one of the league’s best and most efficient sixth men without immediate compensation. Childress representatives and Hawks officials negotiated for weeks on a contract extension but could never come close to agreeing to terms. The Hawks offered Childress a five-year deal with a starting salary in excess of the mid-level exception of $5.5 million.

But Childress, 25, spurned the Hawks’ $33 million offer for a more lucrative deal with Olympiakos.

With no salary cap for European teams, Olympiakos could offer whatever they wanted to entice Childress to leave the NBA for the international game. Childress will, however, have the option of opting out his contract with Olympiakos at the end of each season, which gives Childress maximum flexibility to choose to return to the NBA after this season.

This is definitely a blow to the Hawks. During his four years with the Hawks, Childress averaged 11.1 points, 5.6 rebounds and 1.8 assists and was considered to be one of the league’s best sixth men.

The Hawks and their other restricted free agent Josh Smith are still in negotiations.