As the 23rd overall pick, Outlaw is eligible for a three-year deal worth at least $2.53 million under the NBA's collective bargaining agreement. Portland also holds the option for the 2006-07 season at $1.1 million.
Outlaw, a 6-9, 210-pound forward, was the second high school player chosen behind top overall pick Lebron James.
Outlaw averaged 25 points, 10 rebounds and six blocked shots in leading Starkville High School to a 28-3 record and the Mississippi Class 5A state championship game.
Outlaw, 18, will play for Portland's entry in the Rocky Mountain Revue in Salt Lake City.