$60,000,000. That’s how much the Indiana Pacers had to commit to Myles Turner in order to make him decide to remain with the squad. The Pacers clearly wanted to keep him on board in spite of all the trade rumors linking him to opposing teams, and Indiana put their money where their mouth is by signing their big man to a massive extension.
As it turns out, Turner and the Pacers set a new precedent with their deal. According to renowned NBA insider Adrian Wojnarowski of ESPN, Turner’s contract extension “includes an additional $17.1M renegotiation on his 2022-2023 salary.” Woj’s ESPN colleague Bobby Marks best explains the structure of Turner’s new deal in a perfectly summarized tweet:
Here is a breakdown of the Myles Turner renegotiation.
Because this was a renegotiation, Indiana was allowed to decrease the salary in the first year of the extension to 40%.
Turner is still eligible to be traded by 2/9. pic.twitter.com/rYqPg88aC4
— Bobby Marks (@BobbyMarks42) January 28, 2023
Prior to the extension, Turner’s salary for this season was $18 million. $17.1 million has been added to that bag, which means that he’s now set to pocket $35.1 million this season. According to Woj, this re-negotiation is the “largest in NBA history,” marking a new record for Myles and the Pacers.
The $17.1 million that’s being added to this season will be deducted from the $60 million total contract extension. As Marks reports, this means that Myles Turner will pocket $21 million and $20 million, respectively, over the next two seasons. His new deal will expire at the end of the 2024-25 campaign.
If you really think about it, it seems that Indiana actually spent a lot of money on a relatively short-term extension for the 6-foot-11 center. Turner will be under contract through 2025, but by the end of next season, there’s going to be just one year remaining on his deal. This means that the Pacers will likely need to negotiate another extension by then if they want to keep Turner beyond 2025.