NEW ORLEANS, July 1 (UPI) -- The New Orleans Hornets Tuesday reportedly reached a $60 million-$80 million deal with point guard Chris Paul on a long-term contract extension.
The New Orleans Times-Picayune reported the agreement will lock up the 2008 NBA MVP runner-up for four to five years. The newspaper said the amount of the contract will depend on the length.
Paul's agent, Lance Young, told the Times-Picayune that the deal is expected to be finalized by Thursday. Tuesday was the first day that the two parties could begin negotiations. Under NBA rules, the deal cannot be signed until July 9.
Paul, the fourth overall pick out of Wake Forest in the 2005 draft, was the league's top point guard this past season, averaging 21.1 points and leading the league with 11.6 assists and 2.7 steals in 80 games.
In 222 games over three seasons, Paul, 23, has averaged 18.2 points, 9.5 assists, 4.5 rebounds and 2.3 steals. In 2005-06, he was Rookie of the Year. In 2008 he made his first All-Star team and was on the All- NBA first team.
