The first day of NBA free agency started with a huge splash.

ESPN Stats & Information is reporting that NBA teams agreed to commit a whopping total of $1.4 billion in salary to players on Wednesday, July 1. That doesn't even include the biggest contract of the day — Anthony Davis (who isn't even a free agent) was able to come to terms with the New Orleans Pelicans on a five-year, $145-million extension.

Kevin Love's five-year, $110-million extension with the Cleveland Cavaliers topped the list of splashy free agent signings on Day 1 of what looks to be a frenzied summer market. Three other players – Kawhi Leonard, Jimmy Butler and Goran Dragic – reached agreements of five years and $90 million each, while Draymond Green secured a five-year, $85-million deal — all deciding to re-sign with their current teams.

Another staggering stat from the first day of free agency is that seven teams guaranteed over $100 million in agreements. Each contract will be officially signed July 9, after the 2015-16 season's salary cap is hammered out.

If you think some of these numbers are mind-blowing now, wait until the 2017-18 season, when the league's salary cap is projected to expand by $41 million. We could see LeBron James ink a five-year, $200-million deal at that point.  

Here's Hall of Famer Reggie Miller's take on all the cash being thrown around.

I LUV that the players are bank rolling, capitalize and seize the moment.. Trust me the owners and league are making money, so should you..

— Reggie Miller (@ReggieMillerTNT) July 1, 2015

As of early Thursday afternoon, Damian Lillard is nearing a five-year, $120-million extension, which would top the current batch of free agent deals. And the money keeps on flying.

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