How Giannis Antetokounmpo Earned His Massive $228M 'Supermax' Contract

The back-to-back NBA MVP signed the largest deal in league history and earned a supermax contract extension.

What Happened: Giannis Antetokounmpo signed a five-year, $228 million supermax contract extension with the Milwaukee Bucks, the team that drafted him 15th overall in 2013. The deal, reported by ESPN, includes an opt-out option after the fourth year.

“This is my home, this is my city. Let’s make these years count. The show goes on, let’s get it,” Antetokounmpo tweeted.

Why It’s Important: If Antetokounmpo would have passed on the offer from the Bucks, he would have become an unrestricted free agent next summer. This would have made him the most coveted free agent since Kevin Durant in 2016.

Teams like the New York Knicks, owned by Madison Square Garden Sports Corp (NYSE: MSGS), were among those freeing up cap space in anticipation of such a free agent.

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With Antetokounmpo, the Bucks have posted the best record in the NBA the last two seasons but failed to reach the NBA Finals.

The athlete commonly known as the “Greek Freak” posted an average of 29.5 points, 13.6 rebounds and 5.6 assists per game in the last NBA season. Antetokounmpo has improved his scoring average each season since entering the league.

The Supermax Contract: The supermax contract is a newer part of the NBA collective bargaining agreement. Players with seven to nine years of experience that normally would qualify for 30% of the salary cap can hit 35% if they meet certain requirements.

The requirements are being a member of the All-NBA team or the NBA Defensive Player of the Year in two of the last three seasons. Being the NBA MVP in any of the last three seasons can also qualify a player for this type of contract extension.

Antetokounmpo hit all three of these qualifications even though he needed only one.

In 2017, Stephen Curry became the first player to get a supermax contract extension. James Harden, Russell Westbrook and John Wall are the other players on such deals.

Giannis Antetokounmpo. Photo credit: Erik Drost, Wikimedia