Player salaries in the NBA have experienced a significant increase over the past two decades, with the average salary rising from $2.3 million to $3.9 million [debb93a4]. In 2002, the highest-paid player earned $22.4 million, while today the top earner makes over $100 million annually. Forbes has compiled a list of the top 10 highest-paid players in the NBA, which includes Jokic, George, Butler, Harden, Embiid, Curry, Antetokounmpo, Durant, Lillard, and James. These players not only earn substantial salaries from their basketball contracts but also benefit from lucrative endorsement deals with major brands like Nike, Adidas, Gatorade, and Google, among others. Additionally, they have made strategic investments in various companies and ventures, showcasing their business acumen.
The rise in player salaries can be attributed to the NBA's revenue growth from ticket sales, TV contracts, and merchandise. The league's popularity and global reach have led to increased revenue streams, enabling teams to offer higher salaries to their players. This trend reflects the growing financial success of the NBA as a whole.
Kylian Mbappé, a professional soccer player, is the highest-paid athlete at $110 million in 2024 [fd7ed743]. He remains one of the most in-demand players in world soccer. Erling Haaland, who had a historic first season in the Premier League, is also among the top 50 highest-paid athletes under 25. Luka Doncic, a basketball player, has launched his own production company, showcasing his entrepreneurial skills. Trae Young earned a supermax extension in the NBA, while Zion Williamson's earnings will be closely tied to his health.
The increase in player salaries is not limited to the NBA. New maximum contract extension rules in the NBA and lucrative signing bonuses in the NFL have allowed more players to cash in while still in their 20s. This trend reflects the growing financial opportunities available to young athletes in various sports.
In the latest NBA free agency news, the Philadelphia 76ers have made several significant signings. They have reached an agreement on a two-year, $16.3 million deal with shooting guard Kelly Oubre Jr. [e568bac3]. The Sixers have also secured deals with veteran guard Eric Gordon and center Andre Drummond. Additionally, free agent Paul George has agreed to a four-year, $212 million maximum contract with the Sixers. George met with Sixers officials, including owner Josh Harris, president of basketball operations Daryl Morey, GM Elton Brand, and Sixers legend Julius Erving. The breakdown of the Paul George contract is as follows: 2024/25- $49.2M, 2025/26- $51.7M, 2026/27- $54.1M, 2027/28- $56.6M. The Sixers were able to retain Kelly Oubre Jr. at a reasonable price, as he agreed to a two-year, $16.3 million deal with a player option. The sequence of events will see Kelly Oubre Jr. sign with the room exception after cap space is used [e568bac3].
Sources:
[debb93a4] Morningstar: As the 2023 NBA season begins, here are the 10 highest-paid players
[fd7ed743] Forbes: The World’s Highest-Paid Athletes 25 And Under For 2024
[e568bac3] HoopsHype: Philadelphia 76ers agree to two-year, $16.3 million deal with Kelly Oubre Jr.