All-Star point guard John Wall and the Washington Wizards have agreed to a $170 million, four-year contract extension that will start with the 2019 season, two people with knowledge of the deal told The Associated Press on Friday night.
The people confirmed the terms of the agreement to the AP on condition of anonymity because the Wizards have not officially announced the deal.
The extension includes a player option for the final season in 2023, and a 15 percent trade kicker, according to one of the people.
"Re-signed with the Wizards, man. Signed my extension. You know where I want to be. I love being in D.C. I love the organization. Love my teammates. Love the amazing fans," Wall said in a video posted on Twitter. "Just had to think it out with my family and friends and made the decision."
"Definitely going to bring y'all that championship," Wall added. "That's my ultimate goal and I ain't going to stop until I get it."
He is a four-time Eastern Conference All-Star who was the No. 1 overall pick in the 2010 NBA draft out of Kentucky. He becomes the third player to agree this summer to a designated player "supermax" extension, joining Houston's James Harden and Golden State's Stephen Curry.
Wall's deal was first reported by NBA.com.
The expensive extension comes shortly after the Wizards matched a $106.5 million, four-year, max-contract offer forward Otto Porter Jr. signed with the Brooklyn Nets, which temporarily made him Washington's highest-paid player.
Now Wall will top that.
Wall, 26, and Porter, 24, join shooting guard Bradley Beal, 24, to give the Wizards a young core of talent.
The mechanics for Wall's extension are new to the NBA in the latest version of the collective bargaining agreement and were put in place to help teams hold on to their star players. A player has to reach certain parameters to qualify, including making an All-NBA team the prior season. A player can also become eligible by making All-NBA in two of the prior three seasons or being named MVP or Defensive Player of the Year.
Wall was a member of the All-NBA third team last season, averaging 23.1 points, 10.7 assists, 4.2 rebounds and 2.0 steals. He led the Wizards to a 49-33 record under new coach Scott Brooks during the regular season. Washington's playoff run ended with a Game 7 loss to the Boston Celtics in the second round.
If Wall played next season and did not make one of the three All-NBA teams, he could have lost his chance for the megadeal.