Sources: Warriors, Curry reach 2-year extension worth $116 million

Golden State Warriors star Stephen Curry has agreed to a two-year, $116 million contract extension, tying the franchise legend to the only organization he has ever known through his 20th NBA season, league sources told ESPN's Shams Charania on Friday.

The deal includes a player option in the final season (2028-29), according to sources. 

The Warriors presented Curry with several contract choices in recent weeks, including the option to wait, but Curry ultimately decided on a pay cut and security over either a max contract or the uncertainty of stalling for more flexibility and information.

Curry is currently on an expiring $62.6 million contract and became eligible Aug. 29 for an extension for up to two years and $136.7 million.

As part of the Warriors' presentation to Curry, the team laid out various paths that included the idea of a slight pay cut from his max, delivering them more salary cap room to build a contender around him in the future, team sources said.

Curry's contract will dip from $62.6 million next season to $55.7 million for the 2027-28 season and a player option for $60.2 million in the 2028-29 season. That will provide the Warriors with around $10 million extra in projected cap space next summer, allowing them to be a bigger player in either free agency or the trade market in the next 12 months.

Currently, Jimmy Butler III ($56.8 million) and Draymond Green ($27.6 million) both have expiring contracts coming off the Warriors' books next summer. Veteran center Kristaps Porzingis has only $3 million of his $20 million salary guaranteed, leaving the Warriors somewhere between $38 million and a projected $55 million in cap space, depending on what they do with Brandin Podziemski's extension eligibility, according to ESPN's Bobby Marks. Podziemski, who has yet to extend, has a $17 million cap hold next summer.

Curry took nearly a month to decide whether he wanted to sign for his full max, accept a slight pay cut or wait to agree to a new deal.

"We're in a very interesting situation," Curry told ESPN earlier this week. "All the different salary cap conditions of whether I sign for a max or less or whatever it is, I want to be on a competitive team. I want to have an opportunity to have some flexibility because we haven't had that in years past, the recent past. ... This team should have flexibility to make necessary moves if things happen. Those are always just the considerations.

"For me, information and patience is key. It's just a very unique situation all the way around based on where we've been the last four years, where I'm at in my career, what our team looks like this year and the absolute desperation to win. Trying to balance all that."

Curry, who said he wanted "no drama" surrounding his contract talks heading into training camp, opted for the pay cut and security three days before the team's first practice, quieting any lingering questions.

Curry, who turns 39 this season, missed 39 games because of a persistent right knee issue last season but said he felt great entering camp.

"The idea of getting back to work is exciting," Curry said. "I feel like I've taken advantage of the offseason. I feel like there's no hesitation about where I'm at physically going in. ... But I'm excited about getting back to work."

The extension brings Curry's career on-court earnings to $652 million, making him the first player to eclipse $600 million in NBA history.