On Friday, the San Antonio Spurs agreed to a contract extension with Tony Parker, who has been a staple in San Antonio’s organization for many years. The veteran PG has the chance to make nearly $45 million during the three-year deal, and while it may seem a bit hefty for a 32-year-old, it is a steal for the Spurs considering the upcoming salary cap situation.
It is important to note that Parker has one year left on his current contract with San Antonio. During the upcoming season, Parker is slated to make $12.5 million. After the 2014-15 NBA season, Parker’s extension will then begin.
In two years, the NBA salary cap is expected to increase dramatically. This is the main reason why signing Parker to an extension now was the right move by San Antonio’s front office. When average salaries ramp up in the 2016-17 NBA season, Parker’s contract will most likely be one of the best contracts in the league. As we saw LeBron James do, many players will not look to sign long-term because of the possibility of a new CBA agreement.
Furthermore, do not be surprised if the last year on Parker’s newly-signed contract comes with only a partial guarantee. The Spurs have been known to add partial guarantees to the end of players’ contracts to maximize their leverage when the time comes. Recently-signed Boris Diaw is the latest example of implementing this financially-savvy move in San Antonio.
With the contract extension, the Spurs will get Parker’s services for four more years at a relative discount. Because of this, he will join Spurs teammates Tim Duncan and Manu Ginobili as players who will finish illustrious careers with the same organization in which they started.