Details of Giannis Antetokounmpo’s contract extension with the Milwaukee Bucks
Giannis Antetokounmpo, Damian Lillard and Khris Middleton take up 65 percent of the Bucks’ salary cap in the 2023-24 season.
One day before the 2023-24 NBA season begins, superstar Giannis Antetokounmpo announced through his social media accounts that he has signed a contract extension with the Milwaukee Bucks - the team that recruited him with the 15th pick in the 2013 Draft. Based on the report by Adrian Wojnarowski of ESPN, the agreement is for another three seasons for $186 million.
MILWAUKEEEEEEEEE!! Let’s get it!!!! #BucksInSix #Extended pic.twitter.com/2wP0AVqG3Y
— Giannis Antetokounmpo (@Giannis_An34) October 23, 2023
Currently, the ‘Greek Freak’ is about to begin the third year of the contract he signed in December 2020 -a five-season deal worth $228 million that included a player option for the 2025-26 season. This option was valued at $51.5 million and with the extension it will rise to $57.6 million, based on information from Bobby Marks of ESPN. According to Marks, the salary increase in the final years of the agreement was made based on the assumption that the salary cap will increase 10% in the next two seasons.
Here is the breakdown on the Giannis extension in Milwaukee:
— Bobby Marks (@BobbyMarks42) October 23, 2023
25-26 $57,604,893
26-27 $62,213,285
27-28 $66,821,676-Player Option
The $57.6M salary in 2025-26 replaces a $51.5M player option.
The extension is based on the salary cap increasing 10% in 2024-25 and 2025-26.
According to Spotrac, three players: Giannis, Damian Lillard and Khris Middleton will occupy 65 percent of the Bucks’ salary cap between them in the 2023-24 season. The rest include Brook Lopez, Bobby Portis, Pat Connaughton and MarJon Beauchamp with a salary figure greater than the minimum. Among those earning the veteran’s minimum in Milwaukee are Jae Crowder, Robin Lopez, Cameron Payne, Malik Beasley and Thanasis Antetokounmpo.
Giannis Antetokounmpo's salary per season
- 2023-24: $45,640,084
- 2024-25: $48,787,676
- 2025-26: $57,604,893
- 2026-27: $62,213,285
- 2027-28: $66,821,676 (Player Option)