Green pay: Garnett cashes in with extension worth $60M
Kevin Garnett has already given his new team something substantial.
To clinch his Tuesday trade to the Boston Celtics, Garnett agreed to a three-year contract extension worth just over $51 million.
By extending his current contract and eliminating the early termination option that would have allowed him to be a free agent after next season -- in a complicated transaction best described as an "extend and trade" -- Garnett also earned $8.8 million in trade bonuses that will be spread out evenly over the next five seasons, taking the value of the extension to $60 million.
Garnett, 31, was eligible for a three-year extension worth nearly $90 million including trade bonuses.
Salary figures obtained by ESPN.com show that Garnett's salary will be $14.7 million in the 2009-10 season, $17.1 million in 2010-11 and $19.5 million in 2011-12, when he'll be 36. Garnett was already scheduled to earn $22 million and $23 million over the next two seasons.
(For salary-cap purposes, however, his salary in each of those years will jump by $1.75 million to account for the trade kicker, making it $23.75 million for 2007-08, $24.75 million for 2008-09, $16.4 million for 2009-10, $18.8 million for 2010-11 and $21.2 million for 2011-12.)
All of the above is still elite-player money, obviously, but will rank Garnett as Boston's third-highest-paid player behind Paul Pierce ($19.8 million) and Ray Allen ($18.8 million) in 2009-10. Pierce, who turns 30 in October, is signed through 2010-11 and Allen, who just turned 32, is signed through 2009-10.
Garnett agreed to a similar reduction in Minnesota in October 2003, when he signed a five-year, $100 million extension with the Wolves. The final year of his original $126 million megadeal paid him $28 million, with a drop to $16 million for the 2003-04 season.
The Celtics are almost certain to be a luxury-tax payer in the next two seasons, but the lower numbers in Garnett's final three years could lead to sufficient flexibility that enables Boston management to use its mid-level exception to put an extra role player or two around its new star trio.
To fill out the rest of this season's roster, NBA front-office sources indicate that Boston is expected to focus on minimum-salaried acquisitions, since it will have more than $56 million invested in Garnett, Pierce and Allen alone.
Marc Stein is the senior NBA writer for ESPN.com. To e-mail him, click here.
MORE NBA HEADLINES
- Thunder fire back to rout Lakers in rematch
- Dunleavy, Noah carry Bulls past Rockets
- McHale: Noah is Defensive Player of Year
- Woodson: Jackson would only help Knicks
MOST SENT STORIES ON ESPN.COM
Boston's Big Ticket
Kevin Garnett is joining Paul Pierce and Ray Allen in Boston as the Minnesota Timberwolves and the Boston Celtics have agreed to a deal.
News• Stein: KG inks extension worth $60M
• Ticket to ride: Deal is done
• Stein: Boston, Minnesota close in on deal
• Will Big Three play in charity game?
Analysis• Stein: Owning up to Minnesota's problems
• Simmons: McHale delivers for C's again
• Hollinger: Big three, but what else?
• Stein: How KG's kicker works
• Stein: KG's uni watch
• McKitish: Fantasy spin on KG in Boston
Podcast• Ray Allen: Complements needed for Big 3
• Bob Ryan: After Big 3, C's roster looks worst
• GameNight: Celtics CEO on Garnett, Allen
SportsNation• Vote: Good trade?
More• Trade Machine: Deal details
• NBA Local: KG edition
• Rumor Central: More trade buzz