Topline
LeBron James has agreed to a two-year extension to remain with the Los Angeles Lakers, according to multiple reports, ending speculation he would become a free agent after the 2022-23 season and explore deals with other teams.
LeBron James of the Los Angeles Lakers reacts during the third quarter against the Houston Rockets … [+]
Key Facts
The two-year deal is worth $97.1 million—the current NBA maximum—but could reportedly rise to $111 million if the league significantly raises its salary cap.
James will play the upcoming season on the final year of his old contract, which will pay him $44.5 million, before the new contract kicks in for the 2023-24 season.
James has the option to opt out of the deal for the 2024-25 season.
The contract includes a 15% trade kicker–a bonus equal to 15% of the remaining value of the deal–that James will be paid if the Lakers decide to trade him.
The fully guaranteed deal will bring James’ career earnings to $532 million, the most of any player in NBA history.
Key Background
James, 37, joined the Lakers in 2018, but the team’s performance in his four seasons there has been inconsistent. The Lakers won the NBA championship in 2020 during a season that ended with players, staff and media in isolation due to the league’s Covid protocols, marking the fourth title of James’ career. But the Lakers have also missed the playoffs twice, including last season. The failure to make the postseason despite assembling a star-studded lineup led some to label the 2021-22 Lakers the most disappointing team in NBA history.
Forbes Valuation
We estimate James to be worth $1 billion. He is the first active NBA player to be a billionaire.
Further Reading
Source: https://www.forbes.com/sites/nicholasreimann/2022/08/17/lebron-james-signs-extension-to-stay-with-lakers/