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Warriors, Klay Thompson agree on 4-year, $70 million maximum extension

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Per Marc Stein, Golden State has agreed to a maximum extension for Klay Thompson: Four years, around $17 million per season.

Kyle Terada-USA TODAY Sports

In the waning hours of the last day an extension could be agreed upon for Klay Thompson, it was finally accomplished.

Per ESPN's Marc Stein, Thompson and the Warriors have agreed on a four-year extension worth around $70 million in total.

Golden State had been confident that it would re-sign Thompson to a deal. Warriors owner Joe Lacob said back in April: "We will re-sign Thompson. I say that unequivocally."

Despite infamously discussing a trade with Minnesota for All-Star forward Kevin Love over the offseason, Golden State ended up passing on Love due to the fact they would have had to give up Thompson.

Sources had previously reported that Thompson and the Warriors were apart by over $3 million with three weeks left in the window -- and by about $1 million this morning. They ended up compromising, obviously, in order to keep their young, improving shooting guard.

Thompson, the eleventh pick in the 2011 draft, is set to earn $3 million this year, the last of his rookie deal; following this off-season's basketball-related income measurements we will know the exact parameters of the maximum extension. Multiple estimates have had the extension terms around $66-70 million over four years, about $17 million per season.

Thompson is generally regarded as one of the best shooting guards in the league, both on the offensive end and the defensive end as well. Averaging career-highs in points (18.4 PPG), three-point percentage (41.7%), and field goal percentage (44.4%) last season, Thompson emerged as a legitimate weapon for Golden State. He was selected to and shined with Team USA this past offseason and helped lead the team to gold in the FIBA World Cup -- as its second-leading scorer and top perimeter defender. No doubt, his fabulous showing with Team USA caused his value to boom.

The market for a swingman also drove up his value. Most notably, Gordon Hayward secured a 4-year, $63 million extension with the Utah Jazz and Chandler Parsons agreed with the Dallas Mavericks on a three-year, $45 million deal with a 15% trade kicker. Thompson, generally regarded as a better all-around player than both, was sure to receive a high salary after these two signed their deals this past season.

The sharpshooter averaged 2.8 three-pointers per game en route to placing second in the NBA in threes last season, with 223 total -- the third-most in franchise history. The Washington State product is the first player in NBA history to surpass 500 three-pointers in his first three seasons.

Thompson's rise into a young star is attributed to the expansion in his game -- becoming more adept at driving to the basket, drawing fouls, and dishing to teammates. A player can't just be a shooter and get paid $70 million over four years in today's NBA. Golden State is banking that Thompson continues his emergence into a supreme defensive stopper and solid distributer, along with him maintaining his shooting prowess all over the court.

Golden State believes that its current core -- featuring Stephen Curry, Thompson, Andre Iguodala, and Andrew Bogut -- has a serious chance at the franchise's first NBA championship since 1975.

Thompson's backcourt mate and fellow "Splash Brother," Stephen Curry posted this on Twitter following the news this afternoon:

Will Golden State go to the Finals and win the championship? The Warriors ensured today that over the next five seasons, Klay Thompson will be a big part of making that happen.