The Brooklyn Nets recently agreed to a contract extension with Spencer Dinwiddie, giving them some sort of relief after fearing that teams like the Orlando Magic and Phoenix Suns could swoop the rising point guard if they weren't able to keep him.

Spencer Dinwiddie and the Nets reached a three-year, $34.5 million extension, with a player option in the third year. This deal was Dinwiddie’s first large contract extension, something that he did truly deserve.

According to Michael Scotto of The Athletic, however, a deal was quickly made between the two parties due to the Nets' concern that Dinwiddie could receive bigger offers when he hits free agency.

“There was fear that if Spencer Dinwiddie hit the unrestricted free agency market, teams such us Phoenix, Orlando, that needed a point guard could make a push for him to get more money,” Scotto said, via Tomer Azarly of ClutchPoints.

“There are some executives I've spoken to around the league that felt annually, per year, he could make somewhere in the neighborhood of $12-15 million per year…but he loves Brooklyn, he has an 8-month-old son, he wanted the security, to kind of finish what he started, and he bets on himself. He can go back into free agency when he's 28.”

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Dinwiddie preferred to have contract security in a city he knows and feels at home at.  This extension allows him to go after one more large contract as an unrestricted free agent when he is 28 years old.
Both the Suns and Magic desperately need a point guard. With that said, the Nets' worry about Dinwiddie isn't without merit.
Dinwiddie serves as a backup point guard to D'Angelo Russell. He leads the bench unit with 16.9 points, 2.5 rebounds and 4.9 assists while shooting 47.4 percent from the field, 36.8 percent from deep and 77.3 percent from the free throw line.

The Nets are 11-18 on the season, 11th in the Eastern Conference.