Sources: Reggie Jackson agrees to $80 million contract to re-sign with Pistons

Restricted free-agent guard Reggie Jackson has reached agreement on a five-year, $80 million extension with the Detroit Pistons, league sources told Yahoo Sports.

Reggie Jackson (Getty Images)
Reggie Jackson (Getty Images)

Pistons president and coach Stan Van Gundy wanted to fully commit to Jackson as one of the franchise's cornerstones and will do so with a substantial investment of $16 million per season. There is no player option in the contract, league sources said.

Van Gundy and general manger Jeff Bower negotiated the deal with Jackson's agent, Aaron Mintz of CAA, over the past 48 hours at the Orlando summer league.

Jackson hadn't pursued offer sheets on the market this summer, focusing on working out a deal with Detroit.

In October, Jackson turned down a four-year, $48 million-plus extension offer with the Oklahoma City Thunder, league sources told Yahoo Sports.

Jackson was traded to the Pistons in February, and eventually showed significant flashes of the talent that been relegated to playing behind All-Star Russell Westbrook in Oklahoma City. Jackson has had a strong determination to run an NBA team of his own and formed a strong bond with Van Gundy and the young Pistons' core.

Jackson's deal is among the richest of the NBA's young point guard crop. In 27 games after the Oklahoma City Thunder traded him to Detroit in February, Jackson averaged 17.6 points, 9.2 assists and 4.7 rebounds.

In three-plus seasons with the Thunder after getting drafted 24st overall in 2011, Jackson averaged just under 10 points per game as Westbrook's understudy.