The settlement calls for Sonics owner Clay Bennett and the Professional Basketball Club LLC to pay up to $75 million to the city in exchange for the immediate termination of the KeyArena lease between the NBA team and the city.

The team's name and colors will stay in Seattle.

"We made it," Bennett said after stepping to an Oklahoma City podium featuring the NBA logo and the letters OKC. "The NBA will be in Oklahoma City next season."

Bennett said the move would start today and the first focus would be on the Sonics' players.

Bennett announced that the settlement calls for a payment of $45 million immediately, and would include another $30 million paid to Seattle in 2013 if the Washington legislature authorizes at least $75 million in public funding to renovate KeyArena by the end of 2009 and Seattle doesn't obtain an NBA franchise of its own within the next 5 years.

Noteworthy

* Dallas, which dealt 7-foot-center DeSagana Diop to the Nets to acquire Jason Kidd, reportedly agreed to a $31 million, 5-year contract with him. Also, former Temple star Eddie Jones exercised his $2 million option.

* The Nets signed their two first-round picks, Stanford's Brook Lopez and California's Ryan Anderson. *