12:23pm: Giannis Antetokounmpo has decided to sign a five-year, super-max contract extension with the Bucks, per Shams Charania of The Athletic (Twitter link). Antetokounmpo published an Instagram post announcing the news.

“This is my home, this is my city,” he wrote. “I’m blessed to be able to be a part of the Milwaukee Bucks for the next five years. Let’s make these years count. The show goes on, let’s get it.”

The deal, which will feature a starting salary worth 35% of the salary cap, projects to be worth 8.2MM over five years, making it the largest contract in NBA history, Charania notes. The exact value will depend on how much the salary cap increases for the 2021/22 season — the 8.2MM projection is based on a presumed 3% cap bump.
This Ad will be removed when you a member of

In that scenario, Antetokounmpo would make $39,344,970 in year one, with annual 8% raises resulting in a fifth-year salary of $51,935,362 in 2025/26. That final year will be a player option, agent Alex Saratsis tells ESPN’s Adrian Wojnarowski (Twitter link).