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So the Hornets will be 31% of the way to the luxury tax with only one player.
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/200...ct_extens.html
So the Hornets will be 31% of the way to the luxury tax with only one player.
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.
Now it's a 4 year deal with a player option.
http://realgm.com/src_wiretap_archiv...68m_extension/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.
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.
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 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.
I doubt he ever leaves, he seems like a nice humble kid. lebron just seems like a prick.
So it's a 4 year deal.
way to cripple the franchise.
They had to lock him up
lol whatever helps you sleep at night son. its a 9 year deal if you want it to be.
Also, the starting salary in 2009-10 won't be above $20 mil. It appears to be $68 mil over 4 years.
They had to do this deal. CP3 is the franchise. If they can pickup Maggette they will have one of a team for the next 5 years.
his playin it smart
he knows after that extention he get a bigger pay, since the new bargaining agreement is just around the corner
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.
Nah, I'll stick with 4 year deal.
oh please you big, dumb .... enjoy your STORE BOUGHT championship because the Celtics will be the Miami Heat within the next year or two.
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.
k pal. talk to me in 3 years whenever he opts out of it k? stupid
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.
Woah there, son. It's just a forum, remember? You need to calm down and count backwards from ten. Until then, God bless.
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 le this summer, despite their playoff failures.
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.
Is it it possible to earn 20mil+ a year on your first contract after the rookie scale.
Is it it possible to earn 20mil+ a year on your first contract after the rookie scale?
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