Bucks star Giannis Antetokounmpo averaged 31.1 points, 11.8 rebounds and 5.7 assists last season.
Giannis Antetokounmpo has agreed to a three-year, $186 million contract extension with the Milwaukee Bucks, according to multiple reports. The team announced Antetokounmpo signed the deal on Tuesday.
Giannis Antetokounmpo has agreed on a three-year, $186 million contract extension, sources tell ESPN. https://t.co/CmSj3I2Puk
— Adrian Wojnarowski (@wojespn) October 23, 2023
Bucks GM Jon Horst and Antetokounmpo's agent, Alex Saratsis of Octagon, met on Sunday in Chicago, worked through the max extension details and the two-time MVP finalized the agreement today, sources tell ESPN. Giannis had an 11:59 PM ET deadline tonight to complete the deal.
— Adrian Wojnarowski (@wojespn) October 23, 2023
“Milwaukee is where I started my career, it’s our home, it’s where we’re raising our family, and it’s where I’m going to continue to work hard every day to make Bucks fans proud,” Antetokounmpo said, per the team. “I want to thank Bucks owners Wes, Jamie, Jimmy and Dee for their continuous support of me and my family, and I want to express my appreciation to Jon Horst for being a trusted partner who has been with me since the day I arrived in Milwaukee 10 years ago.
“To my teammates and coaches, I will always be grateful to you for inspiring me to be my best every day. Together, we are committed to winning and bringing another championship to our city. And to Bucks fans, let’s get it!”
The two-time Kia NBA MVP adds two fully guaranteed years to his current deal, as well as a player option for the 2027-28 season.
How we got here: Since being drafted by the Bucks with the 15th overall pick in the 2013 NBA Draft, Antetokounmpo has transformed into one of the best players in the league. The seven-time All-Star and member of the NBA’s 75th Anniversary team led the Bucks to the NBA title in 2021.
He’s fresh off a career-best scoring season (31.1 points per game) and also posted 11.8 rebounds and 5.7 assists per game while shooting 55.3% in 63 games. By doing so, he became one of only three players in NBA history, and the first since 1972-73, to average more than 30 points, 10 rebounds and five assists while shooting 50% overall in a season.
After a disappointing finish in the 2023 playoffs, the Bucks made a big offseason splash with the acquisition of All-NBA guard Damian Lillard. With Antetokounmpo now locked up for the near future, the Lillard-Antetokounmpo tandem should have plenty of time to develop. Go deeper.
By the numbers: The extension starts with the 2025-26 season, meaning Antetokounmpo is under contract for at least four more years — and a fifth if he’s so inclined. He will earn about $94.4 million over the next two seasons, then about $120 million more for the 2025-26 and 2026-27 seasons.
The last year is at his option, meaning he could make roughly $66 million more in 2027-28.
Antetokounmpo had said this summer that he didn’t plan to sign an extension this year because it would make more financial sense for him to wait until the summer. The two-time MVP also had indicated that he wanted to wait to see how committed the Bucks were toward winning another title before he decided on whether to sign an extension on his contract, which at the time ran through 2024-25 with a player option for 2025-26.
Had Antetokounmpo waited until next summer to agree to an extension, he possibly may have secured earned even more money. A max-extension scenario had he waited until 2024 could have been a four-year agreement at a figure exceeding $250 million.
“I said that it did not make sense to sign the contract right now because money’s not important — a lot of money is important. So I’m going to sign it next year,” Antetokounmpo said with a laugh during the Bucks’ Media Day event on Oct. 2. “But, no, at the end of the day, again, it doesn’t make sense. It does not make sense for me to sign it right now. I’ve got to always look at what’s best for me and my family, for my situation.
“But at the end of the day, I want to be a Milwaukee Buck for the rest of my career, as long as we are winning. It’s as simple as that.”
Antetokounmpo’s announcement came as Minnesota’s Jaden McDaniels, Washington’s Deni Avdija and Orlando’s Cole Anthony led the first wave of fourth-year players to reach agreements on contract extensions ahead of the NBA’s deadline.
Information from The Associated Press contributed to this report.
