PORTLAND, Ore. — The Portland Trail Blazers signed their All-Star point guard to a four-year extension on Saturday — one that would be worth $196 million if Lillard exercises the final year of the deal in 2024-25, which will be at his option. He would be guaranteed well over $50 million that season.

Lillard and the Blazers agreed to the deal on June 30, but it couldn't officially be signed until Saturday when the NBA's moratorium on player movement and signings was lifted.

Lillard's extension was the biggest cash deal agreed to this summer in the NBA.

Bobby Marks of ESPN reported that Lillard becomes the first $50 million player in NBA history, and that his "$258 in combined salary (current and new money) is the most in league history."

Lillard, 28, is owed $61.4 million over the next two seasons, after which his contract is set to expire. His new extension will begin in the 2021-22 season.

LILLARD'S SUPERMAX EXTENSION

  • 2021-22: $43.8 million
  • 2022-23: $47.3 million
  • 2023-24: $50.8 million
  • 2024-25: $54.3 million

Blazers President Neil Olshey says Lillard "has exemplified every quality an organization could hope for in a franchise player. His perpetual leadership, willingness to embrace responsibility for outcome on the floor and ability to set a cultural standard illustrates what it means to be a Portland Trail Blazer."

Lillard is a winner of the NBA's J. Walter Kennedy Citizenship Award and has averaged 23.5 points and 6.3 assists in his first seven seasons with Portland.

It's been a busy offseason for the Blazers. Here's some of the moves the team has made:

Free agents Enes Kanter (Celtics), Al-Farouq Aminu (Magic) and Seth Curry (Mavericks) signed with other teams.

LISTEN: 3-on-3 Blazers: Grading the Blazers' offseason moves

Listen to the most recent episode of KGW's 3-on-3 Blazers podcast!