Bucks star Giannis Antetokounmpo averaged 31.1 points, 11.8 rebounds and 5.7 assists last season.
Giannis Antetokounmpo has signed a contract extension worth $186 million over three years with the Milwaukee Bucks, as reported by multiple sources. The team officially announced the signing 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,” said Antetokounmpo in a statement released by the team. “I want to express my gratitude to Bucks owners Wes, Jamie, Jimmy, and Dee for their unwavering support. I also want to thank Jon Horst for being a trusted partner since I arrived in Milwaukee 10 years ago.
“To my teammates and coaches, thank you for always inspiring me to give my best. Together, we are committed to winning and bringing another championship to our city. And to Bucks fans, let’s go!”
The two-time Kia NBA MVP has extended his current deal by two fully guaranteed years, with a player option for the 2027-28 season.
How it happened: Since joining the Bucks as the 15th overall pick in the 2013 NBA Draft, Antetokounmpo has emerged as one of the league’s premier players. The seven-time All-Star and member of the NBA’s 75th Anniversary team led the Bucks to the NBA title in 2021.
Last season, he had a career-best scoring average of 31.1 points per game, along with 11.8 rebounds and 5.7 assists per game while shooting 55.3%. This makes him one of only three players in NBA history, and the first since 1972-73, to achieve averages of over 30 points, 10 rebounds, and five assists while shooting 50% or higher for a season.
After a disappointing playoff exit in 2023, the Bucks made a significant move in the offseason by acquiring All-NBA guard Damian Lillard. With Antetokounmpo now locked in for the foreseeable future, the Lillard-Antetokounmpo duo has ample time to develop. Learn more.
By the numbers: The extension will begin in the 2025-26 season, ensuring that Antetokounmpo is under contract for at least four more years, with a potential fifth year. He will earn approximately $94.4 million over the next two seasons and an additional $120 million for the 2025-26 and 2026-27 seasons.
The last year of the contract is a player option, which means he could earn roughly $66 million in the 2027-28 season.
Antetokounmpo previously stated that he didn’t plan to sign an extension this year to maximize his financial potential. He also wanted to assess the Bucks’ commitment to winning another championship before committing to an extension. His previous contract ran through 2024-25, with a player option for 2025-26.
If Antetokounmpo had waited until next summer to sign an extension, he could have potentially secured a four-year deal worth over $250 million. However, he ultimately decided to pen the extension.
“I previously mentioned that signing the contract right now didn’t make sense financially, as a lot of money is important to me. So, I’ll sign it next year,” Antetokounmpo jokingly said at the Bucks’ Media Day event on October 2. “But, in all seriousness, I want to be a Milwaukee Buck for the remainder of my career, as long as we are chasing titles. It’s as simple as that.”
Antetokounmpo’s extension coincided with Jaden McDaniels of the Minnesota Timberwolves, Deni Avdija of the Washington Wizards, and Cole Anthony of the Orlando Magic also signing new contracts ahead of the NBA’s deadline for fourth-year players.
The Associated Press contributed to this report.
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