The New Orleans Hornets won’t need to search for a starting point guard any time soon.
That’s because the Hornets and point guard Chris Paul reached a contract agreement Thursday worth $68 million.
The deal is a three-year extension, with the option of a fourth year.
Although the two sides reached an agreement, the Hornets will have to wait until July 9 to formalize the deal.
The Hornets will pay their point guard the maximum amount allowed by the NBA’s collective bargaining agreement, which totals 25 percent of the Hornets’ salary cap during the first year of the extension.
Paul has one year remaining on his former contract.