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In addition to free agents, several superstars and veterans are eligible to sign extensions. Kevin Durant's trade request out of the Brooklyn Nets shrouded the first day of NBA free agency. However, that did not stop several teams from locking up their superstars.
The Denver Nuggets gave Nikola Jokic the richest deal in NBA history, while the Memphis Grizzlies have rewarded their superstar point guard, Ja Morant. The Phoenix Suns and Minnesota Timberwolves also secured their respective stars, Devin Booker and Karl-Anthony Towns.
Here are all the updates on NBA contract extensions after Day 1 of free agency brought to you by Sportskeeda.
Nikola Jokic to have richest contract in NBA history
Nikola Jokic is the reigning back-to-back MVP of the NBA. Jokic is one of the best players in the world today, and the Denver Nuggets are about to reward him. According to Shams Charania of The Athletic, Jokic and the Nuggets have agreed to a five-year, $264 million supermax extension.
Charania noted that Jokic's new deal is the richest deal in NBA history. He added that the final year of the deal will be a player option worth $60 million. The first year of the extension will kick in on the 2023-24 season. Jokic averaged 27.1 points, 13.8 rebounds and 7.9 assists last season while carrying the depleted Nuggets team to the playoffs.
Memphis Grizzlies lock up Ja Morant
Ja Morant was not only the NBA's Most Improved Player last season, but was also named to his first All-Star game. Morant also became a superstar who captivated fans around the world. He led the Memphis Grizzlies to the second-best record in the league.
The Grizzlies have locked up Morant by giving him a rookie supermax contract worth $193 million for five years, per Adrian Wojnarowski of ESPN. Woj added that Morant's deal could rise to $231 million based on his performance in the next several seasons.
Karl-Anthony Towns, Devin Booker agree to supermax extentions
The Minnesota Timberwoles and Phoenix Suns have agreed to extend Karl-Anthony Towns and Devin Booker, respectively. Towns and Booker are two of the best young stars in the league today.
The Timberwolves will sign Towns to a five-year, $224M supermax extension. It will start at the 2024-25 season, which puts Towns' overall contract worth $295 million for six years.
Meanwhile, Booker and the Suns agreed on the same terms as Towns and the Timberwolves. Booker's supermax deal will kick in at the start of the 2024-25 season.
The agent of Towns and Booker, Jessica Holtz, became the first female agent to secure a max contract. Holtz also did it twice on the same day.
Three more NBA veterans sign extensions
Superstars were not the only players to sign extensions on the first day of free agency. Gary Harris (Orlando Magic), Thaddeus Young (Toronto Raptors) and Taurean Prince (Minnesota Timberwolves) have signed veteran extensions. Harris' new deal was worth $26 million for two years, while Young and Prince both received two-year, $16 million extensions.
