Spurs, Parker agree to multiyear extension

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As we all waited for the biggest shoe to drop in a potential Kawhi Leonard contract extension, the Spurs unexpectedly announced Friday they have signed Tony Parker to a multiyear extension of his own. With most of the roster playing on expiring contracts next season, this news makes the future a little clearer in San Antonio, and assures Parker will be with the team — barring a trade, of course — beyond the end of the Duncan era. Or so it would seem.

Parker, whose final contract year will pay him $12.5 million during the 2014-15 season, had a bit of uncertainty swirling around at times last year, especially considering the approach of what could be the end of the Big Three era in San Antonio. But there was never a question about his wishes. Parker wanted to remain a Spur, and with Friday’s news, it’ll be a while before he’s wearing anything other than silver and black.

Per Adrian Wojnarowski of Yahoo! Sports, the deal is worth up to $45 million over three years, which would keep the point guard in town through the 2017-18 season.

It appears the extension Parker has signed is for the veteran maximum, which means 107.5 percent of the previous year’s salary, which is $12.5 million in this case. If the contract is backloaded, these are the likely year-to-year details, assuming the maximum 7.5 percent raises of the first year of the extension:

2015-16: $13,437,500
2016-17: $14,445,312
2017-18: $15,453,124

It’s been a productive summer in San Antonio following the franchise’s fifth championship. Tim Duncan opted in to the final year of his deal; the Spurs drafted Kyle Anderson, who is considered a perfect systematic fit and a steal at the 30th overall draft position; Boris Diaw, Patty Mills, and Matt Bonner all agreed to deals to return to the team; international coaching legend Ettore Messina was added to the bench; Gregg Popovich signed a multiyear deal of his own; now, Parker has been locked up for the foreseeable future.

So far, so good. Next, we turn our focus to Leonard. The Spurs have until Oct. 31 to agree to an extension with the 22-year-old Finals MVP, and with Parker’s future no longer in doubt, it should make the decision to financially commit to the young star a no-brainer. We’ll have more on this in the coming days.

Stay tuned!

  • theghostofjh

    Good news. Thanks, Matt.

  • John T.

    Another solid move by the front office which safely assumed that Parker was going to be one of the top prizes of 2015 Free Agency baring a disaster. I believe that a team like the Knicks would have thrown a max offer at Parker, knowing their window to build around Carmelo is not a big one.

    When you consider Love wants to play with Lebron, Aldridge seems committed to Portland, and the number of teams with cap space, it only left Parker, Rondo, and Marc Gasol as first-tier max contract guys capable of leaving their old teams.

    Much like the Pop’s extension, signing Parker sent a message to the other teams, and future free agents, that the Spurs are not a lame-duck NBA power, and that life after Duncan doesn’t appear to involve tanking.

    So overall the Spurs saved valuable money and cap space, kept an elite pg below market value, and set the bridge in place that needs to be crossed as Manu and Tim head to retirement in the near future.

    Now lock up Leonard and Go Spurs Go!!

  • Carlo Duroni

    Very right! Seeing what happened this summer with crazy $$$ offers & requests (see Parsons’s or Bledsoe’s stories), letting Tony’s contract expire before renewing would’ve meant facing huge offers by desperate teams like NY.
    I just wonder what salary situation will be next postseason.

  • WSSNW

    Also once the new TV deal comes in 2016 this is going to seem like even more of a deal. Experts (for what that’s worth) are predicting the max contract could go back to $27 million.

  • DorieStreet

    Not only a very prudent move financial wise, but a sound one overall since Tony, remaining under Pop’s managing of games played and time on the court, could still provide top quality play for another 2-3 seasons, easing the transition to the younger players who eventually take over as starters–and helping the Spurs to remain very competitive in the playoffs.