Boardroom dives into arguably the most massive move of the NBA offseason — the Lakers’ latest LeBron James contract extension.
It might be the last contract he ever signs. He might play until he’s 50. But in any event, the King has just gotten paid — again.
LeBron James was already the highest-earning player in NBA history. Now, he’s just gotten richer. In news first reported by ESPN’s Adrian Wojnarowski, LBJ and the Los Angeles Lakers have agreed to a two-year contract extension worth $97.1 million that will kick in after the expiration of his current contract next summer. The second year of the deal — 2024-25 — is a player option. That year is extra-significant because it’s the one in which LeBron turns 40 years of age.
On the heels of the news, Boardroom looks at the numbers behind the Lakers’ ritzy LeBron James contract.
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LeBron James Contract Details & Salary
All dollar figures via Spotrac.
Years: 2
Total value: $97,133,373
Average annual value: $48,566,687
Free agency: 2025 (can decline player option and enter free agency after 2023-24)
LeBron first became eligible for the extension on Aug. 4. Interestingly enough, depending on the growth of the NBA salary cap over the next several years, Woj reports that the deal can be worth as much as $111 million:
The deal can increase to $111 million if the salary cap in 2023-2024 rises to a substantially higher number.
— Adrian Wojnarowski (@wojespn) August 17, 2022
Remaining salary under current deal:
2022-23: $44,474,988
Estimated annual contract earnings:
2023-24: $46,698,737
2024-25: $50,434,636 (player option)
One more note about the 1+1 structure of the contract. LeBron’s son, Bronny, is scheduled to be eligible for the NBA Draft in 2024 — the ability to decline that 2024-25 option and jump back into free agency one year early just weeks after the draft is awfully intriguing, and could turn out to be one of the most intriguing, unprecedented offseason subplots basketball has ever seen.
LeBron’s Career Earnings
All dollar figures via Spotrac.
CAREER NBA EARNINGS THROUGH 2021-22: $387,384,119
ESTIMATED EARNINGS THROUGH 2024-25: $528,992,480
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