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A restricted free agent, Green and the Warriors had broken off talks earlier Wednesday before reaching the deal. Green was prepared to meet with other teams, but Golden State still had the right to match any offer sheet he signed.
"I'm excited, thankful and grateful to be back in the Bay," Green said in a text message to Yahoo Sports.
Green, 25, averaged career-highs in points (11.2), rebounds (8.2), assists (3.7) and minutes (31.5) this past season for the Warriors. The Saginaw, Mich., native also started in a career-high 79 games while helping the Warriors earn their first championship since 1975.
Green was a second-round pick of the Warriors in 2012 and has made a combined $2.6 million during his three NBA seasons. He was projected to make close to a maximum contract during free agency, and he did that.
The free-agent market had some surprising splashes earlier Wednesday that benefited Green.
Forward DeMarre Carroll agreed to a four-year, $60 million contract with the Toronto Raptors. The Milwaukee Bucks agreed to a five-year, $70 million contract with guard Khris Middleton.
Green is considered a bigger free agent than Carroll and Middleton. The Warriors were surprised by the contracts offered to Carroll, Middleton, a league source said.
The Warriors are expected to endure the luxury tax next season, with $83 million in committed salary even before Green's deal. Golden State could lower its financial commitments by trading forward David Lee, who will make $15.4 million in the final year of his contract next season.
Green thanked Warriors owners Peter Guber and Joe Lacob, general manager Bob Myers, president Rick Welts, and the "entire Warriors organization.
"Thanks Coach [Steve] Kerr and staff for helping me become a better player, and thanks to my teammates for being great accepting," Green said. "I love the fans. Thanks for being great. Now, let's chase championships."