Buzzing on Yahoo Sports:

Westbrook gets $80 million extension from OKC

All-Star point guard Russell Westbrook has signed a five-year, $80 million contract extension with the Oklahoma City Thunder, league sources told Yahoo! Sports.

Thunder general manager Sam Presti finalized the deal with Westbrook’s agent, Thad Foucher of Wasserman Media Group, on Wednesday night.

The Thunder will hold a news conference when the team returns to Oklahoma City on Sunday.

The agreement, which begins next season, solidifies the franchise’s two cornerstone players – Westbrook and MVP candidate Kevin Durant – for years to come. Westbrook, 23, has emerged as one of the NBA's most dynamic young guards. He made second-team All-NBA in just his third pro season a year ago.

Westbrook wanted to stay with the Thunder, and the two sides reached an agreement with several days to spare before next Wednesday's deadline for rookie contract extensions. Presti and assistant GM Troy Weaver made Westbrook the fourth overall pick in the 2008 draft when few, if any, league executives considered him that promising of a prospect.

[ Also: Blame the NBA's short schedule for rash of injuries ]

Under the new collective bargaining agreement, Westbrook could’ve been eligible for a maximum deal worth 30 percent of the Thunder’s salary cap next season. To do so, he needed to satisfy requirements that included him being named to the All-NBA team twice in four years. Nevertheless, Westbrook gets an extension that pays him 25 percent of the Thunder’s cap and preserves space that allows the franchise to construct future deals for James Harden and Serge Ibaka.

Oklahoma City signed two important frontcourt players, Nick Collison and Kendrick Perkins, to long-term extensions a season ago. The Thunder have started the season 12-3, best in the Western Conference, on the heels of a conference finals appearance last year.

Other popular content on Yahoo! Sports:
Heat star Dwyane Wade scores $230,000 birthday gift
Video: With Jim Caldwell out, Andrew Luck could be headed for Indy
Prince Fielder could still join Yu Darvish with Rangers