Jayson Tatum is the newest member of the NBA’s 300 million club.
The Boston Celtics star agreed to a five-year, $314 million contract extension to stay with the reigning NBA champions, said a person familiar with the situation to The Associated Press on Monday.
The new agreement will begin with the 2025-26 season and will keep the five-time All-Star in Boston until after the 2029-30 season, according to the person who spoke on condition of anonymity because it has not been announced.
The Athletic and ESPN were the first to report the agreement.
Once completed, Tatum's new massive contract will become the largest in NBA history, surpassing the one signed last season by his teammate Jaylen Brown, when he agreed to a five-year, $304 million deal.
Tatum averaged 26.9 points, 8.1 rebounds, 4.9 assists, and shot 47% from the field, earning him recognition as a member of the "All-NBA" first team for the third consecutive season. Those numbers translated to 25 points, 9.7 rebounds, and 6.3 assists per game during the playoffs, where he scored over 30 points six times, including the 31 he achieved in Game 5, leading the Celtics to victory over the Dallas Mavericks.
In the summer, he will seek to extend his success as a member of the men's team from the United States that will attempt to win the gold medal for the fifth consecutive time at the Olympic Games. Tatum was part of the championship team in Tokyo 2020.
The news of Tatum's agreement comes on the same day it was reported that his teammate Derrick White agreed to a four-year, $126 million extension. The five starters for Boston, Tatum, Brown, White, Jrue Holiday, and Kristaps Porzingis, were already under contract for the next season. With the new agreements for Tatum and White, they will all remain together at least until the 2025-26 season.
The agreement also came immediately after the ownership group of the Celtics, led by Wyc Grousbeck, announced their plans to sell all of their shares by 2028.
Unless significant changes occur in the roster, Boston is expected to have a payroll and luxury tax bill that will exceed 400 million dollars when Tatum's contract comes into effect.