So far this offseason, we’ve been keeping close tabs on the way teams are acquiring new players, tracking free agent signings, draft pick signings, draft-and-stash deals, two-way contracts, and trades. However, there’s another form of transaction worth monitoring: contract extensions.
Extensions, of course, don’t involve adding a new player to the roster. By extending a contract, a team ensures that a current player will remain locked up for multiple years to come. While it may not change the club’s outlook on the court, it can have a major impact on that team’s salary cap situation — in terms of total value, the extensions signed this summer by James Harden and John Wall rank among the largest new contracts.
While rookie scale extensions are the most common form of contract extension, no fourth-year player has signed a rookie scale extension so far this offseason. Andrew Wiggins is expected to do so soon though, and there are many other players eligible for new deals up until the October 16 deadline. It’s common for about six to eight players entering the final year of their respective rookie contracts to sign extensions before the October deadline, and I wouldn’t expect this year to be any different.
[RELATED: Players eligible for rookie-scale extensions]
While they’re generally less common than rookie-scale extensions, veteran extensions are happening a little more frequently these days, with the league’s new Collective Bargaining Agreement expanding the rules for eligibility and creating some additional incentives for star players to sign new deals before they reach free agency. So far this offseason, each new contract extension signed has been a veteran extension.
Listed below are the players who have finalized contract extensions so far in the 2017/18 league year. This list, which can be found on the right-hand sidebar under “Hoops Rumors Features” on our desktop site (or on the “Features” page in our mobile menu) will be kept up to date throughout the offseason, and even into the ’17/18 season, if any veteran players ink an extension at that point.
Veteran extensions:
- Russell Westbrook (Thunder): Five years, 35% maximum salary (story). Starts in 2018/19.
- James Harden (Rockets): Four years, 35% maximum salary (story). Starts in 2019/20.
- John Wall (Wizards): Four years, 35% maximum salary (story). Starts in 2019/20.
- Robert Covington (Sixers): Four years, $60MM (story). Includes renegotiation for 2017/18. Extension starts in 2018/19.
- LaMarcus Aldridge (Spurs): Two years, $50MM (story). Starts in 2019/20.
- Norman Powell (Raptors): Four years, $41.965MM (story). Starts in 2018/19.
- Josh Richardson (Heat): Four years, $41.965MM (story). Starts in 2018/19.
Rookie scale extensions:
- Andrew Wiggins (Timberwolves): Five years, 25% maximum salary (story). Starts in 2018/19.
- Joel Embiid (Sixers): Five years, 25% maximum salary (story). Starts in 2018/19. Includes injury protections.
- Gary Harris (Nuggets): Four years, $74MM (story). Starts in 2018/19.
- T.J. Warren (Suns): Four years, $47MM (story). Starts in 2018/19.
- Check out our in-depth look at 2017’s rookie scale extensions for more details.