The Washington Wizards announced Wednesday that they have agreed on a five-year contract extension with star guard John Wall, team president Ernie Grunfeld said.
While the team did not release terms of the deal, various media reports peg the new contract as worth a reported $80 million. According to The Washington Post, the deal begins in the 2014-15 season and keep him with the team through the 2018-19 season, when he'll be 28 years old.
"Since drafting John with the first overall pick, we have been impressed with his maturation, hard work and commitment to our franchise," Wizards majority owner and CEO Ted Leonsis said in a statement. "He is the cornerstone of our team, and we have clearly expressed our desire to build around him well before making it official by re-signing him today.
"We are extremely confident in his leadership abilities and are excited to see the continued improvement of the team."
Wall was the first overall pick in the 2010 NBA Draft, chosen by the Wizards. Since then, he's averaged 16.9 points, 8.0 assists, 4.4 rebounds and 1.5 steals in 35.8 minutes per game over a 184-game stretch (172 starts). He is one of only four players in NBA history (Magic Johnson, Chris Paul and Damon Stoudamire) to average at least 16.5 points, 7.5 assists, 4.0 rebounds and 1.5 steals over the first three years of their career.
"I am both proud and humbled by the belief that the Wizards organization, the fans and my teammates have shown in me since I arrived here three years ago," Wall said in a statement. "I can promise all of them that I will repay that belief by representing the city of Washington and doing everything I can to get this team back where it belongs."
Wall is also the fastest player (134 games) in NBA history to reach 2,200 points, 1,000 assists, 600 rebounds, 200 steals and 90 blocks (since steals and blocks became an official stat) and is the fastest active player to reach 900 career assists (111 games).
"John's talent, ability and athleticism are unquestioned, but he is also a special player in terms of his will to win, unselfishness and ability to make his teammates better," Grunfeld said. "The impact he has in all of those areas was evident last season and we look forward to both him and the team reaching new levels of success together."
Wall enjoyed his best season in 2012-13, averaging 18.5 points, a team-leading 7.6 assists, 4.0 rebounds and 1.3 steals in 32.7 minutes per game in 49 games (42 starts), despite missing the first 33 games due to a stress injury in his left patella.
He scored a career-high 47 points vs. Memphis on March 25.
"I've improved, I got better as a player," Wall said last week in Las Vegas, according to The Post. "I think my jump shot is better, my IQ is better and just learning the game and being a better leader. I feel like I'm the player I want to be, but I still have a lot I want to do."