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This is a breaking news story which will be updated.

Los Angeles Clippers v Brooklyn Nets Photo by Sarah Stier/Getty Images

Well, that was fast!!

One day after Spencer Dinwiddie scored 39 points off the bench to help beat the 76ers, the best bench perfomance in team history, the Nets and their 6’6” point guard agreed to a three-year, $34 million contract, the third year a player option.

Both Shams Charania of The Athletic and Adrian Wojnarowski reported the news in tweets.

The Nets and Dinwiddie quickly confirmed it, Dinwiddie with an emotional post on Instagram.

The extension will take effect next season. In the meantime, Dinwiddie will continue to be one of, if not the, biggest bargain in the NBA, earning $1.66 million this season, the NBA minimum.

As Dinwiddie told Anthony Puccio last year, “I’m fully indebted to Brooklyn.”

The deal comes five days after the Nets and Dinwiddie could begin talks on an extension. They had until June 30 to agree to an extension. If not, Dinwiddie would have been an unrestricted free agent on July 1.

The Nets may very well have feared that if they let Dinwiddie go into unrestricted free agency, they would lose him. Dinwiddie had said he would sign an extension if offered but his increasing value could very well have caused him to have second thoughts. That scenario went away with Thursday’s news.

Brooklyn now will have $10.6 million less in cap space but will still be among league leaders.

Bobby Marks laid out the current cap situation...

The Spencer Dinwiddie $1.6M free agent hold is now replaced by a $10.6M salary in 2019-20. The Nets are still projected to have cap flexibility in July but how much will be based on the future of restricted free agents D’Angelo Russell and Rondae Hollis-Jefferson. Including the combined $28.5M in cap holds for both players, Brooklyn projects to have $19M in room (includes two first round picks). The maximum amount for the Nets could increase to $46M if both players are not brought back.

Dinwiddie, a legitimate candidate for Sixth Man of the Year, is averaging 16.9 points, 4.9 assists and 2.5 rebounds, shooting 47.4 percent overall and 36.8 from deep. All his numbers are at or near career highs.

Moreover, the 25-year-old has been on a tear lately, averaging 20.6 and 5.1 over the last 10 games. In addition to the 39 points he scored vs. Philly, Dinwiddie also wracked up 25 in the win over New York and 17 in the upset of Toronto, an average of 27 points a game in the Nets three-game winning streak.

In addition to his development as a player, which he credits to the Nets, Dinwiddie has also become a fan favorite, active in social media and community organizations.

“He’s grown so much since we first got him,” Kenny Atkinson said of Dinwiddie following his 17 points and eight assists in the overtime win over Toronto.

“First, what a great job by Sean identifying him in the G League. That’s the hardest part, finding a guy, and he’s just been dedicated to our performance program. He’s probably No. 1 on the list in terms of his diligence with his body. “

And what he’s supplying for us his downhill speed … If you don’t have a guy that could get downhill, it makes it really difficult to switch. He can drive it, I wish he’d move it a little more sometimes, but you need that guy that can get downhill.”