Wembanyama, San Antonio Spurs agree on 5-year $252M extension

A source close to the negotiations confirmed Friday that Victor Wembanyama has finalized a record-breaking five-year contract extension with the San Antonio Spurs. Inclusive of a final-season player option, the total value of the historic deal is projected to exceed $250 million.

Per team policy, the financial specifics were not released by either party, prompting the source to request anonymity when speaking with The Associated Press. The San Antonio Spurs officially announced the agreement as a standard “multi-year contract extension.” The historic signing caps off a dominant season for Wembanyama, who earned All-NBA honors and a unanimous Defensive Player of the Year award while anchoring the Spurs’ recent NBA Finals run.

“Spurs family, I’m here to stay,” Wembanyama wrote on social media Friday. “Whatever it takes.”

READ: Spurs vs Knicks delivers most-watched NBA Finals Game 3 in 28 years

Wembanyama extension at discount

The agreement comes at a discount; Wembanyama could have agreed to a deal that would have topped $300 million over five years — but chose a lesser amount to help give the Spurs flexibility going forward with their young core and in anticipation of the contracts some of those budding stars will be eligible for in coming years, the person said.

And that was the only detail really for the sides to hammer out. The 22-year-old Wembanyama is already considered one of the game’s most dominant players, and it was a no-brainer that the Spurs would offer an extension. The only question was whether Wembanyama would accept a deal that starts with him making 25% of the salary cap figure, or if he’d hold out to see if he could initially make 30% of the cap.

ESPN first reported the agreement.

Wembanyama will make about $16.8 million this coming season, the last under the terms of his rookie contract. The newly signed deal kicks in for 2027-28 and will start with a salary of around $43.5 million, then keep rising from there. The 7-foot-4 center from France would have a $57.5 million option for 2031-32.

Wembanyama was the Most Valuable Player of the Western Conference finals this past season, finished third behind Oklahoma City’s Shai Gilgeous-Alexander and Denver’s Nikola Jokic in the overall MVP voting for the season, and has led the league in blocks per game in all three of his NBA seasons so far.

READ: Wembanyama admits ‘I wasn’t ready to win’ after NBA Finals defeat

He averaged 25 points and 11.5 rebounds this past season, leading San Antonio to a 62-20 record, the No. 2 seed in the West and a berth in the NBA Finals against the New York Knicks. The Spurs lost that series in five games.

“It’s painful. It’s painful,” Wembanyama said a few minutes after the finals ended. “But I’m not running away from that. I’m using it to fuel me. … I’m not satisfied with not winning. But as I said, this is the biggest lesson of my life. As a team, there’s no better experience than what we just lived.”

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