Report: Paul, Hornets agree on three-year extension

Jul 4, 2008 - 1:33 AM NEW ORLEANS (Ticker) -- New Orleans Hornets point guard Chris Paul agreed to a three-year contract extension Thursday, according to a report in the New Orleans Times-Picayune.

The deal includes a player option for a fourth year, and is estimated at $68 million, according to the newspaper. By NBA rules, the deal cannot be officially announced until July 9, when the league's free agent moratorium ends.

Paul's agent, Lance Young told the Times-Picayune, "The deal's done."

Paul, 23, emerged as one of the best point guard in the NBA this past season, when he spearheaded the Hornets to a franchise-record 56 regular-season wins. The runner-up to Kobe Bryant for the league's Most Valuable Player, Paul averaged a league-leading 11.7 assists and 2.7 steals.

The 2006 NBA Rookie of the Year and a first-time All-Star in 2008, the 6-foot Paul also averaged 21.1 points last season.