The New Orleans Pelicans wanted to get a new deal done with Anthony Davis as soon as possible, and that new extension was agreed upon immediately as free agency began:
New Orleans star Anthony Davis has agreed to a five-year, $145 million maximum contract extension, league source tells Yahoo Sports.
— Adrian Wojnarowski (@WojVerticalNBA) July 1, 2015
The exact amount of Davis’s extension won’t be known until next year when the cap is officially set for 2016, so the $145 million is an estimate based on the current projections. Davis will be eligible for the Derrick Rose Rule that allows for the big man to occupy 30 percent of the cap, which is projected to be close to $90 million in 2016.
The max deal will reportedly have an out after four years:
Sources say Anthony Davis' deal will have clause after Year 4 that allows Davis to return to free agency in summer of 2020 if he so chooses
— Marc Stein (@ESPNSteinLine) July 1, 2015
As one of the best players in the league, Davis will certainly be worth this new deal as long as he stays healthy. This is huge for the Pelicans to get this done right away, and now they won’t have to worry about losing him for years. A great way to tip off free agency.