Hornets sign Nick Richards to three-year, $15M contract extension, per reports

Mar 22, 2023 - 11:14 PM

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Nick Richards and the Charlotte Hornets have agreed on a three-year, $15M contract extension, per ESPN’s Adrian Wojnarowski.

Since Richards was drafted in the second-round and didn’t sign a prorated NBA rookie-scale contract, there are very few restrictions on when he’s allowed to sign a contract extension, explaining the timing of a late-season deal. As we saw with Bryce McGowens’ contract conversion earlier in the month, Mitch Kupchak is clearly willing to reward the team’s young players for their performances this season sooner rather than later.

Richards would’ve hit the market this summer as a restricted free agent had he not signed the extension. On the open market, quality backup centers go for well above $5 million per year, and now the Hornets have the center position locked in for the next three seasons with Mark Williams and Richards. Great deal for both sides.

It’s also great to see yet another second-round draft pick success story for Charlotte. Richards has more than earned this extension not only with his performance this season, but the steady improvement and consistent work ethic he’s displayed since he was drafted 42nd overall back in 2020.