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LAS VEGAS — The Nets know who Kevin Durant is — and what their star is worth. And they made his multiyear contract extension official Sunday.
It’s a four-year, $198 million deal that Durant announced on his own media platform, Boardroom.
“We know who he is,” Nets team owner Joe Tsai said in a statement. “Kevin Durant will establish his legacy in Brooklyn as one of the greatest ever. On behalf of the Nets organization, my family and our fans, we are excited and humbled to see a lot of Kevin for years to come.”
Tsai was channeling Durant’s most famous self-proclamation.
“I’m Kevin Durant,” he’d said in the 2019 playoffs. “You know who I am. Y’all know who I am.”
The Nets know.
That’s why they’ve locked him up to an extension that will kick in after this upcoming season, one that will see him earn $240 million over the next five years and keep him in Brooklyn essentially for the rest of his Hall of Fame career.
“Kevin is a transcendent talent who continues to drive and push this franchise and the game of basketball globally,” Nets general manager Sean Marks said. “We are thrilled to continue our partnership with him for years to come.”
The extension will tie Durant to the Nets, and likely ensure their contention for the next half-decade. He’ll be 37 by the time it ends. And it also serves as the lynchpin for Tsai and Marks’ attempts to re-sign their Big 3.
James Harden and Kyrie Irving can also ink long-term extensions this offseason, and it’s the Nets’ intention to do just that even if they end up having to dole out as much as $540 million in contracts and far more in luxury tax.
Harden can sign for three years, $161.1 million — Irving, four years, $181.6 million. Irving can actually make even more if he eschews an extension this summer, and does a five-year, $235 million max deal as a Nets restricted free agent after the upcoming season.
When the Nets traded for Harden, Houston owner Tilman Fertitta’s restaurant and casino empire was taking a beating from the COVID-19 pandemic. He didn’t have the appetite to take on young players he was going to have to pay big down the line (like Jarrett Allen, who just inked a $100 million contract with Cleveland).
Instead, the Rockets wanted draft swaps in 2021, 2023, 2025 and 2027, gambling that the Nets would implode down the line. Durant re-signing exponentially reduces that likelihood, with the swap not happening in this recent draft, and his extension keeping him leading the Nets through all but the last swap.
“Kevin’s impact both on and off the court cannot be overstated,” said Marks. “His unparalleled drive and leadership generate sustained excellence from himself while also elevating the performance of his teammates, positioning this organization to continue the pursuit of our championship goals in Brooklyn.”
The landmark extension comes just two days after Durant won his third Olympic gold medal, leading Team USA to victory in Tokyo. He’s the U.S.’ all-time leading Olympic scorer and matched Carmelo Anthony’s record of three gold medals. But unlike Anthony, Durant led all three teams he was on.
Durant was named the MVP of the Olympics’ men’s basketball competition and one of the FIBA All-Star Five.
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