Report: 76ers’ Star Tyrese Maxey Agrees in Principal to 5-Year Max Contract Extension

Tyrese Maxey’s well-deserved payday has arrived. According to ESPN’s Adrian Wojnarowski, Maxey has agreed in principle on a five-year, $204 million max contract extension with the Philadelphia 76ers. Wojnarowski also reports the extension is fully guaranteed and comes with no player options.

ESPN Sources: Philadelphia 76ers All-Star guard Tyrese Maxey has agreed in principle on a five-year, $204 million maximum contract extension. pic.twitter.com/rBT8Tpkvg8

— Adrian Wojnarowski (@wojespn) July 1, 2024

Maxey has grown into a star over the last couple of seasons. He averaged 25.9 points, 3.7 rebounds and 6.2 assists per game while shooting 37.3% from 3-point range last season. His production earned him his first All-Star appearance as well as winning the NBA’s Most Improved Player award. Maxey developed into a bonafide second star to pair with Joel Embiid. After putting together a dominant campaign, Maxey shined brightest in the postseason. The Texas native averaged 29.8 points and 6.8 assists per game in the Sixers’ first round series against the New York Knicks. Maxey’s 46-point performance in Game 5 cemented his rise to stardom.

The 23-year old can score from all three levels due to his combination of speed, outside shooting and finishing ability at the rim. After the Sixers traded James Harden away at the beginning of last season, Maxey stepped into the point guard role and flourished. In his first season handling the full-time point guard duties, Maxey dished out 6.2 assists per game while turning the ball over just 1.7 times per contest.

Maxey deserves a ton of credit not only for his play on the floor but for his patience in contract negotiations. He became eligible for an extension last offseason, but agreed to hold off for a year to allow the Sixers the opportunity to add another star this offseason. Without Maxey’s willingness to forgo his extension for a year, the Sixers would not have been able to sign nine-time All-Star Paul George.

The order of operations matters in how the Sixers’ moves become official. Once the Sixers use up their salary cap space – signing George and Andre Drummond thus far – the Kelly Oubre Jr. then re-signing goes into effect. Maxey’s extension should be the final move to become official. Ordering the moves in this manner is necessary to maneuver around the salary cap. Maxey went into this offseason with a $13.0 million cap hold. The Sixers retained Maxey’s bird rights, allowing them to go over the salary cap to extend him. Philadelphia took advantage of his smaller cap hold, giving them the cap space needed to sign George and make any other smaller moves in free agency. Once those moves become official, then Maxey’s extension can officially kick in.

Within hours, the Sixers effectively took care of their two biggest pieces of business. The Sixers’ roster will be centered around the star trio of Embiid, Maxey and George for the foreseeable future. Only time will tell if it is enough to bring a championship to Philadelphia.