Jul 18, 2008 - 4:56 PM
0 shoutsSALT LAKE CITY (Ticker) -- Deron Williams wanted to stay in Utah and get a deal done before he left for Las Vegas to join the United States Olympic team.
On Friday, the Utah Jazz fulfilled both of Williams' wishes, announcing that the star point guard signed a multi-year contract extension.
Terms of the deal were not disclosed, but according to the Salt Lake Tribune, Williams agreed to a three-year contract with an option for a fourth season.
While the precise value of the contract will not be known until the NBA sets its salary cap next July, the Tribune reported that Williams will make nearly $50 million in the first three years of the contract and as much as $70 million if he exercises the option year. The 24-year-old would not be eligible for free agency until 2012 at the earliest.
"Continuing to lead the Jazz is exactly what I want to do," Williams said Friday. "I am confident in the Miller family's commitment to the franchise and appreciate their confidence in me. We both want to bring a championship to Utah."
Taken third overall in the 2005 draft by the Jazz, Williams recently purchased a home in the area and has spent most of the summer in Salt Lake City.
"My wife, Amy, and I really enjoy living in Salt Lake and look forward to continue raising our daughters here," he added.
After more than two weeks of negotiations, the Jazz completed a deal two days before Williams leaves for Las Vegas to join the Olympic squad. Last month, he was one of 12 players selected to the team, which will compete in the Beijing Olympics next month.
"Deron is the cornerstone of what we have building over the past three years, and he is a significant part of our foundation for the future," Utah general manager Kevin O'Connor said.
Williams declined to ink a five-year extension - the maximum allowable - and opted instead to follow in the footsteps of fellow young stars LeBron James, Dwyane Wade and Chris Paul, who all signed shorter deals to allow themselves flexibility to leave for free agency if they are unhappy with their current clubs.
Williams and Paul have been linked as two rising-star point guards in the league. Paul signed a similar contract extension with the New Orleans Hornets earlier this summer.
But while Paul finished second in voting for the Most Valuable Player Award last season, Williams has yet to make the All-Star team despite being selected as a member of the All-NBA second team. The 6-3 Williams averaged career highs of 18.8 points and 10.5 assists last season for Utah, which lost to the Los Angeles Lakers in the Western Conference semifinals.
Williams also has been durable, missing just four games in his three-year career.
"We have learned from experience how important a point guard is and we have just secured one of the premier point guards in the NBA," Utah president Randy Rigby said. "It is critical to have a strong team leader in order to be an NBA championship contender."
Williams has led the Jazz to two straight Northwest Division titles. Despite his success, he had been worried about the team's future prior to signing the deal, as teammates Carlos Boozer, Mehmet Okur and Kyle Korver all are able to opt out of their contracts and become free agents next summer.
Williams has career averages of 15.3 points, 8.1 assists and 2.9 rebounds per game. Last season, he finished third in the Most Improved Player balloting.
