Today (Sept. 22) marks the first opportunity for Milwaukee Bucks standout Giannis Antetokounmpo to consider signing a contract extension, providing him with a chance to recommit to the franchise after securing a supermax extension ahead of the 2020-21 season, according to ESPN.
While the 28-year-old is currently dedicated to the Bucks, his path to free agency is approaching quickly. He still has two years left on his contract, along with a player option for a third year. It’s worth noting that his commitment to the team relies on their ability to stay in championship contention, a point he has emphasized during this offseason.
Giannis has been named MVP twice now, and during the 2022-23 season he averaged a career-high 31.1 points, 11.8 rebounds, and 5.7 assists, putting him third in the MVP voting.
Along with Giannis missing two games due to a back injury, the Bucks had a disappointing end to last year’s postseason. They went from being the No. 1 overall seed in the playoffs to a first-round exit in just five games, falling to the Miami Heat.
In December 2020, Giannis agreed to a massive five-year, $228 million deal with the Bucks, which keeps him on their roster this year and the next. He also has the player option to decide whether or not he wants to play for the Bucks in the 2025-26 season, and if he declines, he can explore free agency for the first time without any restrictions.
Per ESPN, here is the breakdown of his contract:
2023-23: $45.6M
2024-24: $48.8M
2025-26: $51.9M (Player option)
Giannis will have the option to sign a three-year extension valued at approximately $169 million, however, this extension would come out to $117 million in new money, as it replaces his $51.9 million player option with a starting salary of $52.2 million in the 2025-26 season.
If the salary cap experienced a 10% increase in both the 2024-25 and 2025-26 seasons, then the extension’s value would climb to $186 million. The NBA has projected a 4.4% cap increase for the 2024-25 season in a memo that was sent to teams in late June. This means that with having the two years remaining on his contract, minus the player option being factored in, Giannis’ deadline to finalize this extension would be October 23 – the day before the regular season kicks off.
In an interview with ESPN in 2018, Giannis shared his intent to stay in Milwaukee his whole career, saying, “Kobe [Bryant] did it. Tim Duncan did it. Dirk Nowitzki did it. I just want to be one of those guys … that stays for the city, play for the city for 20 years.”
But now, things don’t sound quite as promising. In a more recent interview with the New York Times last month, Giannis shared his thoughts on signing the extension stating, “Next summer it would make more sense for both parties. Even then, I don’t know. I would not be the best version of myself if I didn’t know that everybody’s on the same page, everybody’s going for a championship, everybody’s going to sacrifice time away from their family like I do. And if I don’t feel that, I’m not signing.“
[ESPN]
