LeBron James is committing to the Los Angeles Lakers.
The 37-year-old superstar and the Lakers agreed to a two-year, $97.1 million contract extension heading into his 20th season in the NBA, Klutch Sports CEO Rich Paul informed ESPN on Wednesday.
According to ESPN, James’ extension consists of a player alternative for the 2024-2025 season — which would be his 22nd — in addition to a 15% exchange kicker.
James was once due to enter the final year of his contract this upcoming season, where he is set to make $44.5 million. His salary for 2023-24 begins at $46.7 million.
With the deal, James, who became the first active NBA player to end up a billionaire in June, has surpassed Brooklyn Nets superstar Kevin Durant as the highest-earning player in NBA records with $532 million in assured money.
The contract extension comes off the heels of a disappointing season for the Lakers, who failed to improve to the playoffs or even play-in contention. Despite lacking the postseason, James averaged 30.3 points, 8.2 rebounds and 6.2 assists. James turns 38 in December.