John Wall Signs Five-Year Contract Extension With Wizards

John Wall has signed a five-year contract extension with the Washington Wizards.

While the team did not release the official terms of the extension, the Washington Post‘s Michael Lee said on Twitter that the 2012 Rising Star signed a maximum deal worth approximately $80 million. The team will formally announce Wall’s signing in a press conference Thursday.

Wizards owner Ted Leonsis praised Wall for his “his maturation, hard work and commitment” to the franchise.

“He is the cornerstone of our team, and we have clearly expressed our desire to build around him well before making it official by re-signing him today,” Leonsis said. “We are extremely confident in his leadership abilities and are excited to see the continued improvement of the team.”

The deal will go into effect at the start of the 2014-15 season. Wall is the first member of the 2010 NBA Draft class to sign a contract extension.

“I am both proud and humbled by the belief that the Wizards organization, the fans and my teammates have shown in me since I arrived here three years ago,” the 23-year-old said in a team-issued statement. “I can promise all of them that I will repay that belief by representing the city of Washington and doing everything I can to get this team back where it belongs.”

Wall scored a career high 47 points in a victory over the Memphis Grizzlies on March 25. Three days earlier, he recorded a career high 16 assists in a road win over the Los Angeles Lakers. According to the Washington Post, since steals became an official statistic, Wall is the fastest player to reach 2,200 points, 1,000 assists, 600 rebounds, 200 steals and 90 blocks.

Prior to the contract extension, Washington Wizards President Ernie Grunfeld was adamant about keeping Wall in Washington for several more years.

“John’s talent, ability and athleticism are unquestioned, but he is also a special player in terms of his will to win, unselfishness and ability to make his teammates better,” he said in a statement. “The impact he has in all of those areas was evident last season and we look forward to both him and the team reaching new levels of success together.”

What do you think of John Wall’s new contract extension?

[Photo credit: Keith Allison / Flickr]