Nikola Jokic and the Denver Nuggets have made history right as NBA free agency opened on Thursday night. Right now, the reigning back-to-back MVP is the proud owner of the most lucrative deal in the history of the NBA:

This report comes via Shams Charania of The Athletic:

Two-time NBA MVP Nikola Jokic has agreed to a five-year, $264 million supermax contract extension with the Denver Nuggets, the richest deal in NBA history, sources tell @TheAthletic @Stadium. Fifth season (2027-28) will be a player option at $60M.

This does not come as a surprise at all. The Nuggets were expected to offer an extension to Jokic after yet another tremendous campaign, and while $264,000,000 is indeed quite shocking, it’s hard to argue against the fact that Jokic has earned every penny of this new deal.

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The Serbian’s previous deal runs out next season, and now that the Nuggets have added five more years to his contract, Jokic is set to remain in Denver through 2028.

It is worth noting that as Shams reports, the final year in Jokic’s new deal is going to be a player option worth $60 million. Simply put, the four-time All-Star can decide to opt-out of his final year and turn down a guaranteed $60 million in order to become a free agent.