Rudy Gay has reached agreement on a three-year, $40 million contract extension with the Sacramento Kings, according to league sources.
Gay has one year left on his current deal, which will pay him $19.3 million. The extension begins with the 2015-16 season, and includes a player option for the the 2017-18 season.
The ability to exit the deal early gives Gay a chance to become a free agent in the summer of 2017, when he’ll be 31 and the market will be flush with the proceeds of the new $24 billion television package.