Kendrick Perkins Signs Contract Extension With Thunder Five Days After NBA Trade Deadline Deal

The Thunder have signed recently-acquired Kendrick Perkins to a multi-year contract extension, the team announced.

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Kendrick Perkins' Contract Extension With Thunder Reportedly For $34.8 Million Over Four Years

Kendrick Perkins signed a contract extension with the Okahoma City Thunder on Tuesday, and now, we have an idea how much Perkins will end up making in the deal. Perkins' extension is for four years and $34.8 million, according to a report by Yahoo! Sports' Adrian Wojnarowski.

Perkins had previously rejected a four-year, $22 million extension offer by the Boston Celtics. The Celtics then traded him to the Thunder right before Thursday's trade deadline. 

At first glance, one would think the Thunder simply valued Perkins more than the Celtics, but that conclusion is somewhat misleading. The reality was that the Thunder, due to some clever maneuvering at the trade deadline, made themselves eligible to offer Perkins more money on an extension than the Celtics could. The Celtics did not possess additional cap room, so the most they could offer Perkins is an extension that started at $6 million per year. The Thunder, meanwhile, opened up enough cap room to offer Perkins as much as $35 million on a contract extension, according to salary-cap site Sham Sports. In the end, it appears the Thunder essentially did just that, since Wojnarowski reports there are also bonus clauses that could push the value of the contract higher. 

To facilitate the final figure on the contract, the Thunder bumped Perkins' 2010/11 salary number from $2.3 million to $6.7 million using the additional cap space they owned, according to Wojnarowski. This allowed the Thunder to offer Perkins the $34.8 million extension, since any new contract offer can only be a certain percentage above the existing contract offer per NBA rules. The Celtics' maximum offer had to be based on the initial salary number, which explains why they could not offer more than $22 million.

Had Perkins not signed the contract extension by March 1, he would have become an unrestricted free agent. He likely chose to simply sign the extension now because of the uncertainty of the next collective bargaining agreement, whenever it is agreed upon. 

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Kendrick Perkins Signs Contract Extension With Thunder Five Days After NBA Trade Deadline Deal

The Oklahoma City Thunder surprised everyone when they acquired Kendrick Perkins from the Boston Celtics at the NBA trade deadline on Thursday. Now, they have made it clear that Perkins will be a part of their future. The team announced it has signed Perkins to a contract extension that will keep Perkins with the team for the long term. Terms of the deal are not immediately known. 

Perkins turned down a four-year, $22 million extension from the Celtics earlier this year. That may have been an impetus for the Celtics to deal him and Nate Robinson for Jeff Green, Nenad Krstic and a first-round pick right at the end of Thursday's trade deadline.

The Thunder were eligible to give Perkins a higher salary than that because of a little-known salary-cap quirk that allows teams with cap room to offer contract extensions before the player's existing deal expires. Because the Thunder created that cap room with its trade with the Celtics, they were immediately able to offer Perkins more money than the Celtics could. The Wizards used a similar provision to sign Andray Blatche to a five-year contract extension before the season even though Blatche's previous contract was not up until after the 2011/12 season.

The maximum that the Thunder could theoretically offer Perkins is $35 million over four years, according to salary-cap site Sham Sports. They had to do it by March 1; otherwise, Perkins would have become an unrestricted free agent. It appears the Thunder were able to get it done just before the deadline, though the exact terms are still unknown.

Darnell Mayberry of the Oklahoman was the first to report the news.

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