The San Antonio Spurs quietly signed Tony Parker to a multi-year contract extension, announcing the news in a press release. The deal is expected to come in at just under $45 million over three years and should kick in for the 2015-16 season.
San Antonio's Tony Parker has agreed to a three-year extension that could be worth as much as $45M, league sources tell Yahoo Sports.— Adrian Wojnarowski (@WojYahooNBA) August 1, 2014
Tony Parker's maximum value extension would be three years and $43,335,938. Bet that's how much he got.— Mark Deeks (@MarkDeeksNBA) August 1, 2014
Official numbers on Tony Parker's three-year fully guaranteed extension w/Spurs: $13,437,500/$14,445,313/$15,453,126 with no outs or options— Marc Stein (@ESPNSteinLine) August 1, 2014
Parker had one year and $12.5 million left on his existing contract, which was initially signed in 2010. He and the Spurs made the decision to sign early rather than hitting the open market. Per NBA rules, Parker can only sign for a maximum of three additional seasons.
The 32-year-old point guard remains one of the league's top players, though he is producing in fewer minutes thanks to the Spurs' depth and philosophy. His per-game numbers of 16.7 points and 5.7 assists seem pedestrian, but he also put them up in less than 30 minutes per contest. He has battled nagging injuries the past two seasons, playing in 66 and 68 games while also fighting through pain in the playoffs.
The Spurs' next order of business is to work on an extension with 2014 Finals MVP Kawhi Leonard. They will have until October 31 to do so. If the two sides fail to come to an agreement, Leonard will be a restricted free agent in the summer of 2015.