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OFFICIAL: NETS SIGN CARIS LEVERT TO THREE-YEAR, $52.5 MILLION EXTENSION

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Happy Birthday, Caris!

After Adrian Wojnarowski reported Sunday night that the Nets and Caris LeVert have agreed to a big extension, the Nets confirmed the deal early Monday afternoon. The deal was agreed to Sunday, LeVert’s 25th birthday.

Although the Nets didn’t release details of the signing, Woj did...

In the official announcement that LeVert had signed, GM Sean Marks said his guard is an exemplification of the Nets franchise.

“Caris personifies what it means to be a Brooklyn Net, and we firmly believe his best basketball is in front of him,” said Marks. “The growth he has displayed in his first three seasons is a testament to his tireless work ethic, along with an unrelenting will to maximize his talents and achieve team success. Our entire organization is excited to continue to have Caris as one of the leaders of our program moving forward.”

The Nets even posted a video of the signing...

LeVert is eligible for his rookie extension as a member of the NBA’s draft class of 2016. His new deal will begin with the 2020-’21 season. According to Bobby Marks, the 6’7” Nets swingman will earn $16.2 million the first year of the extension, going up to $18.8 million in year 3, taking him up to 2023 when he’ll be 28 years old. Here’s the other cap considerations...

Six minutes after Woj Bomb Sunday, LeVert tweeted out what certainly looks to be confirmation...

Earlier Sunday, Roc Nation Sports, LeVert’s agents, tweeted out video of his birthday party ... without mentioning who delivered the biggest present ... or identifying his birthday wish!

The deal, the first since Mikhail Prokhorov agreed to sell the team to Joe Tsai, means the Nets have virtually all their core pieces under contract on long-term deals: Kevin Durant, Kyrie Irving, DeAndre Jordan, Spencer Dinwiddie and now LeVert. Only Joe Harris, who’s an expiring contract next June, and Jarrett Allen, who’s still on his rookie contract, aren’t tied up for the next three years. Even Rodions Kurucs and rookie Nicolas Claxton are signed through 2021-22. (Taurean Prince, who’s in the last year of his rookie deal, is also eligible for an extension.)

Woj later wrote about the Nets logic in making the deal...

Despite missing 42 games with a dislocated right ankle last season, LeVert showed All-Star potential for the Nets in the franchise’s run to the playoffs. His talent and development in three NBA seasons with the Nets played a prominent role in attracting free agents Irving and Durant to the Nets this summer.

Before the ankle injury, LeVert averaged 18.4 points for the Nets in the early season --- and returned to top form in the playoffs, averaging 21 points in the five-game series with Philadelphia. For the season, LeVert averaged 13.7 points, 3.9 rebounds and 3.8 assists.

The Nets had until October 21, the night before the NBA season begins, to sign LeVert to an extension or see him become a restricted free agent next June 30. Bobby Marks suggested that LeVert’s injury history might have had a lot to do with his decision to get the deal done now...

LeVert was Sean Marks first draft pick. On Draft Night 2016, Marks traded Thaddeus Young to the Pacers for Indiana’s 20th pick as well as a future second rounder which has yet to be conveyed. Trading an established player like Young for LeVert was seen as a risk at the time. LeVert had suffered three foot fractures while at Michigan.

For the 2020-21 season, Brooklyn has $121 million in salary committed and will likely become a luxury-tax-paying team if it re-signs current players Harris and Prince.