Shai Gilgeous-Alexander and Devin Booker recently signed extensions that will make them the first two players to cross $70 million in salary per season. The NBA is becoming richer by the day. With the new TV deal, the league will get a massive influx of money, and teams will be able to spend even more. With that in mind, let’s take a look at how things have changed over the years. In every era, we’ve had historic NBA contracts that changed the league. We are reviewing some of the earliest landmark deals from the 1980s to the modern era.
From MJ to SGA – Historic NBA Contracts that Shook the League
Next season, we might have even more historic NBA contracts. Nikola Jokic postponed his extension for next summer to earn more money. Players did not cross thresholds as quickly as today. Magic Johnson played for $1 million per year before renegotiating his contract.
Magic Johnson, 25-year, $25 Million Contract
In 1981, Magic signed a revolutionary contract with the Los Angeles Lakers. Drafted by them in 1979, Magic signed a lifetime deal with the club. It was one of the first contracts Jerry Buss gave after purchasing the team. The deal was a symbol of Buss’s trust in Magic and his significance to the franchise’s future.
Larry Bird, 1983 Contract
In 1983, Larry Bird signed a seven-year, $15 million contract, making him the highest-paid player in the league at the time. The Boston Celtics signed him to prevent Bird from becoming a free agent the following year. His contract kicked in just before the NBA’s new salary cap was implemented.
Moses Malone, $13.2 Million Offer Sheet In 1982
Moses Malone was one of the best players in the late 1970s and 1980s. Eager to compete for a championship, he signed an offer sheet with the Philadelphia 76ers in 1982. It was one of the early restricted free agent battles, highlighting player mobility. The Houston Rockets matched the deal and then traded Moses to the Sixers.
Isiah Thomas, 11-year, $12 Million Contract
In the 1980s, Isiah Thomas signed an 11-year, $12 million contract with the Detroit Pistons. It was one of the early long-term commitments by a franchise to a young star. Thomas delivered by winning two titles in Detroit with the Bad Boy Pistons.
Michael Jordan, The First $30 Million Per Season Contract
Nowadays, role players can earn up to $30 million per year. Yet, back in the 1990s, it was unheard of. After returning from retirement and winning a championship in 1996, Michael Jordan signed back-to-back one-year deals worth over $30 million per year. If we adjust it for inflation, it is still one of the highest single-season salaries. At the time, Jordan wanted to be paid like the best player in the league. And the Chicago Bulls delivered.
Chris Webber + Kevin Garnett
We can discuss these two contracts jointly because they shaped the way rookies earned money. In 1993, Chris Webber signed a 15-year, $74 million contract, which was the largest for a rookie at the time. The deal led to the fallout with Don Nelson and an early exit. The league installed a rookie salary scale in 1995. Yet, Kevin Garnett signed a six-year, $126 million contract in 1997, shocking the league and triggering the 1998-99 NBA lockout. As a result, players and owners debated changes to the salary cap to prevent skyrocketing rookie deals.
Juwan Howard + Shaquille O’Neal
The reason we are pairing these two together is that Shaquille O’Neal has admitted that he wanted more money than Juwan Howard. The crazy thing is, if Howard didn’t sign a record, $100+ million deal, O’Neal might have stayed with the Orlando Magic.
The story goes like this. During the 1996 free agency period, the Magic had an offer for Shaq, worth around $80 million. They put up billboards that no player is worth more than $100 million. Days later, Howard signed a $101 million deal with the Miami Heat. It was voided due to salary cap violations, and he then re-signed with the Washington Wizards. O’Neal, being a dominant big man at the time, believed he was worth more. And that is how he signed a seven-year, $120 million contract with the Lakers. It was the richest NBA deal at the time. These two highlighted how salary cap compliance became a major issue in the league.
Allan Houston, 6 Years, $100 Million
In 2001, Allan Houston signed a six-year, $100 million contract with the New York Knicks. Fans in New York still cry when they hear his name. Considered one of the worst contracts of the era, Houston’s contract led to the creation of the “Allan Houston” rule that allowed teams to waive a player and remove their salary from luxury tax calculations.
LeBron James, 1+1 Contracts With The Cleveland Cavaliers
When examining historic NBA contracts, LeBron James is at the forefront. The King popularized player empowerment, signing short deals with player options that constantly gave him leverage over the front office. During his second stint with the Cavaliers, he used the one-plus-one option to put pressure on the team and help him win a championship.
Stephen Curry, 5-Year, $201 Million
Signed after Stephen Curry won two championships with the Golden State Warriors in 2017, it was the first $200 million-plus contract in NBA history. For many years, he played on a bargain deal for the Warriors. Early in his career, he was battling injuries, so Golden State gave him less than the max rookie scale extension. Curry quickly outplayed that contract, but he was tied to a lower salary. Even his $200+ contract is a bargain when considering what he has done for the franchise.
Damian Lillard, 2-Year, $122 Million Extension
Many fans view Damian Lillard as the poster boy for wanting to stick with one franchise despite not having won a championship. But Lillard got paid by the Portland Trail Blazers. In 2022, he signed a two-year extension that would make him the first player to earn more than $60 million in salary. Lillard was waived by the Milwaukee Bucks right when that extension was about to kick in.
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