The Boston Celtics and Al Horford agreed to a two-year, $20 million extension, according to ESPN's Adrian Wojnarowski.
Horford was due to become a free agent after the 2022-23 NBA season. He's averaging 10.9 points and 6.3 rebounds through 18 games this year.
The 6'9" center has also provided valuable floor-spacing. He's shooting 48.8 percent from beyond the arc, and his 2.2 made three-pointers per game are tied for second on the team with Jaylen Brown.
Horford's extension represents a steep pay cut from his current salary. He counts for $26.5 million against the salary cap in the final year of the four-year, $109 million deal he originally signed with the Philadelphia 76ers in 2019.
But the five-time All-Star would've had to take less money whether he re-signed with the Celtics or joined another team next summer. He'll be 37 when the 2023-24 campaign tips off, so $10 million a year probably isn't far off from what his market value would've been. The midlevel exception is projected to be around $11.4 million.
Keith Smith @KeithSmithNBAAl Horford's contract for this season will now become fully guaranteed at $26.5M. That was going to happen, extension or not.<br><br>That makes him on an essentially 3-year, $46.5M deal. $15M per year for Horford's production is more than fair for Boston. Great work to get this done.
With this new contract, Horford gets more long-term security and will continue to play in a situation where he's clearly comfortable.
Boston, meanwhile, gets a little more back for its 2023-24 and 2024-25 payrolls. The latter is important because Brown is due to become an unrestricted free agent in 2024.
By adding Horford to the mix, the Celtics will have seven players under contract collectively accounting for $121.4 million if his $20 million pact is split evenly over the two years. Depending on how the next two years unfold, president of basketball operations Brad Stevens may want to preserve enough flexibility to not only re-sign Brown, but also target any outside reinforcements.
