Chris Paul Agrees to 3 year $68M Extension

[Mr.Bottomtooth]

Paul agrees to three-year contract extension
Posted by John Reid, The Times Picayune
July 03, 2008 5:42PM

Hornets All-Star point guard Chris Paul agreed to a three-year contract extension with a player option for a fourth year, his agent Lance Young said Thursday.

The deal is estimated at $68 million, which will push Paul's yearly salary starting in 2009-10 to more than $20 million per season, Under NBA rules, Paul cannot sign the deal until July 9.

"The deal is done,'' said Young, who declined to go into more specifics regarding the deal.

Young and Hornets General Manager Jeff Bower had been in discussions since Wednesday after agreeing in principle on the extension Tuesday. However, Young arrived in New Orleans on Wednesday to finalize some specifics of the contract that was not resolved after six hours of discussions at the Alario Center. Initially, Young said Paul would decide between a four or five year deal. But three years with the player option is the same maximum money contract deal that Cleveland Cavaliers star LeBron James agreed upon in 2006

Signing Paul to an extension was the biggest uncertainty the Hornets had heading into the free-agency period. With his contract now finalized, it could be the move to jumpstart the Hornets' pursuit to sign a shooting guard in free agency.

http://blog.nola.com/hornetsbeat/2008/07/paul_agrees_to_contract_extens.html

[Gino]

So the Hornets will be 31% of the way to the luxury tax with only one player.

[BRHornet45]

sons I must admit that I am not thrilled about this signing.

Obviously it is great that we re-signed him, but I am concerned with the very short term commitment. I was expecting him to sign a 5 year extension. It's all good though. New Orleans showed the world last year that we are now FINALLY a legit NBA city that can pack the house any given night. Hopefully Paul isn't taking advice from his boy Lebron and thinking of jumping ship to a bigger market team in 3 years.

[Mr.Bottomtooth]

Now it's a 4 year deal with a player option.


Lance Young, Paul's agent, said Paul agreed to a three-year extension with a player's option for a fourth year. The total value of the deal is $68 million.

http://realgm.com/src_wiretap_archives/53381/20080703/hornets_paul_agree_on_four_year_$68m_extension/

[BRHornet45]

Now it's a 4 year deal with a player option.



http://realgm.com/src_wiretap_archives/53381/20080703/hornets_paul_agree_on_four_year_$68m_extension/

technically its a 3 year deal son. 3 guaranteed years with a 4th year option.

[Marcus Bryant]

technically its a 3 year deal son. 3 guaranteed years with a 4th year option.

If the 4th year is a player option then that is most likely guaranteed. It looks like he got a $90 mil+ extension.

[BRHornet45]

If the 4th year is a player option then that is most likely guaranteed. It looks like he got a $90 mil+ extension.

point being .... he can leave after 3 years. so technically it is a 3 year contract. 8 times out of 10 players won't exercise their final year option unless they are on the downside of their career or playing like shit because they know that they will not get better money elsewhere (*cough* *cough* Ron Artest this off season). in Paul's case (or players young and similar to him) he knows that he can opt out after 3 years to either demand more money or jump ship to another team.

[IronMexican]

I doubt he ever leaves, he seems like a nice humble kid. lebron just seems like a prick.

[Mr.Bottomtooth]

3 guaranteed years with a 4th year option.

So it's a 4 year deal.

[Fillmoe]

So it's a 4 year deal.

lol...

[leemajors]

way to cripple the franchise.

[Spuradicator]

They had to lock him up

[BRHornet45]

So it's a 4 year deal.

lol whatever helps you sleep at night son. its a 9 year deal if you want it to be.

[Marcus Bryant]

Also, the starting salary in 2009-10 won't be above $20 mil. It appears to be $68 mil over 4 years.

[TheMadHatter]

They had to do this deal. CP3 is the franchise. If they can pickup Maggette they will have one hell of a team for the next 5 years.

[TDMVPDPOY]

his playin it smart

he knows after that extention he get a bigger pay, since the new bargaining agreement is just around the corner

[bostonguy]

I doubt he ever leaves, he seems like a nice humble kid. lebron just seems like a prick.


:lmao:lmao

Chris Paul wasn't very humble throughout these playoffs. He acted like arrogant prick and hopefully getting eliminated humbled his ass fairly well. Then again I bet he and everyone else on that team got that arrogance from their head coach.

[Mr.Bottomtooth]

lol whatever helps you sleep at night son. its a 9 year deal if you want it to be.

Nah, I'll stick with 4 year deal.

[BRHornet45]

:lmao:lmao

Chris Paul wasn't very humble throughout these playoffs. He acted like arrogant prick and hopefully getting eliminated humbled his ass fairly well. Then again I bet he and everyone else on that team got that arrogance from their head coach.

oh please you big, dumb bitch .... enjoy your STORE BOUGHT championship because the Celtics will be the Miami Heat within the next year or two.

[BRHornet45]

Nah, I'll stick with 4 year deal.

k pal. talk to me in 3 years whenever he opts out of it k? stupid fuck

[JamStone]

The importance of the distinction is to understand how much his annual salary is. If it's $68 million for three years plus an option for a fourth year, then that's well over $20 million a year, and the total value of the contract probably is closer to $90 million. If it's a four year deal for $68 with a player option for the last year, then it's $68 million over four years (which makes more sense) and CP3's extension probably starts somewhere in the neighborhood of $15-16 million... again, making more sense.

The distinction does need to be made even though you want to sound like it doesn't matter.

edit: I think the Picayune writer just had it misprinted or didn't really understand how NBA contracts/extensions work when there's an option.

[Mr.Bottomtooth]

k pal. talk to me in 3 years whenever he opts out of it k? stupid fuck

Woah there, son. It's just a forum, remember? You need to calm down and count backwards from ten. Until then, God bless.

[JamStone]

:lmao:lmao

Chris Paul wasn't very humble throughout these playoffs. He acted like arrogant prick and hopefully getting eliminated humbled his ass fairly well. Then again I bet he and everyone else on that team got that arrogance from their head coach.

Getting eliminated early in the playoffs apparently doesn't humble most NBA players. KG and Paul Pierce were (and continued to be in these playoffs) obnoxious, arrogant, jersey popping, chest pumping, wolf howling pricks long before they won the title this summer, despite their playoff failures.

[KidCongo]

Is it it possible to earn 20mil+ a year on your first contract after the rookie scale.

[KidCongo]

Is it it possible to earn 20mil+ a year on your first contract after the rookie scale?

[angelbelow]

sons I must admit that I am not thrilled about this signing.

Obviously it is great that we re-signed him, but I am concerned with the very short term commitment. I was expecting him to sign a 5 year extension. It's all good though. New Orleans showed the world last year that we are now FINALLY a legit NBA city that can pack the house any given night. Hopefully Paul isn't taking advice from his boy Lebron and thinking of jumping ship to a bigger market team in 3 years.

my goodness, whose the chick in your banner?

[angelbelow]

k pal. talk to me in 3 years whenever he opts out of it k? stupid fuck

you should capitalize the beginning words of each sentences, it'll help with your tough guy act.

[dirk4mvp]

I doubt he ever leaves, he seems like a nice humble kid. lebron just seems like a prick.


you have it completely backwards

[exstatic]

I doubt he ever leaves, he seems like a nice humble kid. lebron just seems like a prick.

Had the Hornets prevailed over the Spurs in game 7, I GUARANTEE that you would have hated Chris Fall by the end of any Lakers/Hornets series. I bought the hype and drank the league kool-aid about him, but the plain fact is that he's an immature punk who ran off the floor rather than man up and shake hands with the winners. He's talented, but mentally about 14 years old.

[BRHornet45]

Had the Hornets prevailed over the Spurs in game 7, I GUARANTEE that you would have hated Chris Fall by the end of any Lakers/Hornets series. I bought the hype and drank the league kool-aid about him, but the plain fact is that he's an immature punk who ran off the floor rather than man up and shake hands with the winners. He's talented, but mentally about 14 years old.

whah whah bitch.

[exstatic]

whah whah bitch.

A perfect Chris Fall quote...

[bostonguy]

oh please you big, dumb bitch .... enjoy your STORE BOUGHT championship because the Celtics will be the Miami Heat within the next year or two.


:lmao:lmao Name calling and bought titles card.
:lmao:lmao No mention of the name son.

Dont be defensive SON. Paul is the best pg and one of the best players in the league hands down. He is still an immature arrogant prick who needs to be a tad bit more humble. Byron Scott is an arrogant prick just as well.

You want to know something else son? Paul Pierce and others on the Celts are arrogant pricks as well.

Hornets need depth and some humble pie to take that next step. You know that as well.

[bostonguy]

Getting eliminated early in the playoffs apparently doesn't humble most NBA players. KG and Paul Pierce were (and continued to be in these playoffs) obnoxious, arrogant, jersey popping, chest pumping, wolf howling pricks long before they won the title this summer, despite their playoff failures.


I wont deny any of the Celts players being pricks. Just about every team has their share of them.

Pistons arent known for being humble either. They are sore losers who only give partial credit to the team they were eliminated by. I respect what they have achieved, but they are still that.

All in all, my team has it's share of pricks but so does 98% of the league. I was labeling Chris Paul exactly what he is. I'd like to see him humbled a little and I am sure he will be. He may not show it directly, but deep down inside he will have to be a tad bit more humble in order to take that next step. KG/Pierce are still arrogant pricks but they have been somewhat humbled even if you dont see it.


Im also a fan of the team who owns all when it comes to poor sportsmanship and lack of class (Patriots).

[SpursDynasty]

We beat Chris Paul in the playoffs.

[mystargtr34]

Is it it possible to earn 20mil+ a year on your first contract after the rookie scale.

No, not in your first year... unless the Salary Cap was $80m

A team can only give a player up to 25% of the Salary Cap in his first year... and then 10.5% increases.

So a max deal like CP3, will be paying just under $15m (little bit less)

[mystargtr34]

The importance of the distinction is to understand how much his annual salary is. If it's $68 million for three years plus an option for a fourth year, then that's well over $20 million a year, and the total value of the contract probably is closer to $90 million. If it's a four year deal for $68 with a player option for the last year, then it's $68 million over four years (which makes more sense) and CP3's extension probably starts somewhere in the neighborhood of $15-16 million... again, making more sense.

The distinction does need to be made even though you want to sound like it doesn't matter.

edit: I think the Picayune writer just had it misprinted or didn't really understand how NBA contracts/extensions work when there's an option.

The $68m is over the 4 years. The Hornets are garuanteeing him all 4 years, its his discresion whether to take it or not.

For a max deal a team can only offer a player a salary startinh at up to 25% of the Salary Cap and then 10.5% increases each year.

To make things easier, if we say this years Salary Cap will be $60m then a deal for a max contract, as in CP3 case would be;

Year 1 - $15m (25% of the cap)
Year 2 - $16.5m (+10.5%)
Year 3 - $18.15m (+10.5%)
Year 4 - $19.965m) (+10.5%)

That comes in at $69.615m, which is if the cap was at $60m.

Being that it will probably be at about $59m, adjusting each year you get right on $68m

[BRHornet45]

:lmao:lmao Name calling and bought titles card.
:lmao:lmao No mention of the name son.

Dont be defensive SON. Paul is the best pg and one of the best players in the league hands down. He is still an immature arrogant prick who needs to be a tad bit more humble. Byron Scott is an arrogant prick just as well.

You want to know something else son? Paul Pierce and others on the Celts are arrogant pricks as well.

Hornets need depth and some humble pie to take that next step. You know that as well.

shows how much you know son. Chris Paul arrogant? LOL. you are such a fool ass bitch lol.

[bostonguy]

shows how much you know son. Chris Paul arrogant? LOL. you are such a fool ass bitch lol.

:lmao:lmao:lmao Defensive homer
:lmao:lmao:lmao Name calling card used once again.

At least you used son in your post. :toast

[Marcus Bryant]

Is it it possible to earn 20mil+ a year on your first contract after the rookie scale?

No.

The salary in the first year of Paul's extension will be $14,686,825.