Negotiations for the contract had been ongoing, and Hammond first alluded to an extension on Jan. 8 following the mutually parting of ways with then-head coach Scott Skiles. Ken Berger of CBS Sports reports that Hammond's contract is worth approximately $1.8 per season.
Hammond joined the Bucks in 2008, and though he has led the organization to just one postseason appearance, his name has been thrown around for other front office openings within the NBA. In 2012, Hammond was reportedly a top candidate for the Portland Trail Blazers' General Manager position, but he ended up remaining in Milwaukee.
Bucks owner Herb Kohl now officially has a leader in his front office locked in for what should be a offseason of questions.
Milwaukee's two best players, Brandon Jennings and Monta Ellis, can leave the franchise this season. Jennings is a restricted free agent while Ellis has a player option worth $11 million that he can pick up after this season. With the Bucks in seventh place in the Eastern Conference, a playoff berth and any success under coach Jim Boylan, who is already 6-2 as head coach, will add another element for Hammond and the front office to consider.