As we geared up for the Milwaukee Bucks’ first game of the regular season on Thursday night, we started the work week off with an absolute Woj Nuke: Giannis Antetokounmpo has agreed to an extension with the Bucks.
Giannis Antetokounmpo has agreed on a three-year, $186 million contract extension, sources tell ESPN. https://t.co/CmSj3I2Puk— Adrian Wojnarowski (@wojespn) October 23, 2023
The three-year, $186 million deal will keep the star in Milwaukee until the conclusion of the 2027-28 season, should he accept the player option in the final year of his deal. Here’s a breakdown of Antetokounmpo’s upcoming cheddar, down to the dollar:
Here is the breakdown on the Giannis extension in Milwaukee:— Bobby Marks (@BobbyMarks42) October 23, 2023
27-28 $66,821,676-Player Option
The $57.6M salary in 2025-26 replaces a $51.5M player option.
The extension is based on the salary cap increasing 10% in 2024-25 and 2025-26.
The collective sigh of relief from Bucks’ fans was palpable in the wake of this news. Many people—including yours truly—didn’t think an extension for Giannis would happen until next offseason. Holding off another year would open up an even larger extension, and as Giannis himself said (half-jokingly), “...a lot of f**king money is important.” However, GM Jon Horst met with Giannis’ agent this past weekend and the stars aligned. By the sound of this report from Shams, it seems like Horst made the GM-equivalent of a jumpshot at the buzzer:
Bucks GM Jon Horst and Antetokounmpo's agent, Alex Saratsis of Octagon, met on Sunday in Chicago, worked through the max extension details and the two-time MVP finalized the agreement today, sources tell ESPN. Giannis had an 11:59 PM ET deadline tonight to complete the deal.— Adrian Wojnarowski (@wojespn) October 23, 2023
Further, per Marks, extending now with something more short-term opens up the possibility of his signing an even larger extension — in both years and dollars — in 2028. By Over-38 rule, Marks is referring to the provision in the NBA’s CBA that prevents teams from giving contracts of four or more years to players who are over 38 years old or will turn 38 in the course of any deal:
Here is the rationale on why extending now made more sense financially in the future for Giannis:— Bobby Marks (@BobbyMarks42) October 23, 2023
The extension includes a player option in 2027-28 and allows Antetokounmpo to benefit financially in the future with his next contracts.
Because of the Over-38 rule, Antetokounmpo…
After how disappointing last year’s postseason was, I really have to tip my hat to Horst, here. Trading for Damian Lillard without throwing the entire asset kitchen sink out the door AND extending Giannis is a masterclass — that he got it done in one offseason is all the more remarkable. A championship contender was made into a presumptive championship favorite without closing all avenues for future growth. Hats off to him, and congratulations to Giannis on a serious payday!