I was skeptical about this happening, but... well, it did happen. Too much money for Atlanta to match, I guess. Or Childress really wanted to leave the Hawks.
Giannakis must be happy, Childress is the kind of forward he has been looking for: hustle, defense, rebounding, decent inside game. Also, he's a smart kid, good team player, good pass; in principle he'll be good in his system. Should mesh well with Papaloukas and Greer, as well. Strong backcourt, if Childress' adaptation period doesn't endure the entire year. Still, it's a lot of money. If Childress busts, this will become the worst contract in european basketball history. Greek league will be interesting. Curious to see if Giannakopoulos will answer this move.
Anyway, I'm obviously a great fan of the European game, I think it's finally moving in the right direction (but not because of these signings), good steps are being taken, the restructure of the Euroleague is a very good move and will arguably increase substantially the financial power of top European clubs (and hopefully a solid, even if small, continental-wide fanbase), but consider that only a handful of teams in Europe can offer this kind of contracts. Oly, Pao, Barça, Real, maybe Tau. Then there are the Russians teams, but those only have money because of billionaire owners willing to burn rublos; they don't live of the revenue they generate. For example, Delfino will be playing in a gymn with 2.000 people attending the games (and they don't play 82 games per season). So, once again, this is not going to chance the great scheme of things.
I have no idea of what Stern could/should do. Soft the cap even more? That would be terrible to the NBA. Do you really want to see the Knicks winning almost every year?