Los Angeles Lakers and LeBron James have agreed to a two-year, $97.1 million extension, which includes a player option for a third year

Klutch Sports CEO Rich Paul told ESPN on Wednesday that LA Lakers star LeBron James has agreed to a two-year, $97.1 million contract extension that includes a player option for 2024-25.

With $532 million in career guaranteed money, James surpasses Brooklyn Nets star Kevin Durant as the highest-earning player in NBA history.

With two seasons left on his contract (worth $44.5 million), James will be able to negotiate new deals with the Lakers or become a free agent in two years.

In signing the deal, the four-time NBA champion, MVP, and 18-time All-Star eliminates free agency next summer. Despite his age, James remains an All-NBA player and the Lakers' best hope

Because the second year of James' extension exceeds a 5% raise, he cannot be traded during the upcoming 2022-23 season.

During the 2023 offseason, the Lakers could have salary-cap space north of $20 million and could sign a third max contract player. If players decline their options, salary-cap space increases.

The league's collective bargaining agreement limits James to a two-year extension because he will be 38 or older when his current deal expires.

James' eldest son, Bronny, will be a senior in high school in 2024, making him a draft eligible player. Before he retires, James wants to team up with his son on an NBA roster.

Despite James' 30.3 points, 8.2 rebounds, and 6.2 assists in 2022, the Lakers missed the playoffs. James played 56 games due to injuries.

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