July 30 (UPI) -- The Portland Trail Blazers signed star guard CJ McCollum to a three-year, $100 million contract extension.
The team announced McCollum's new deal Tuesday. The three-year agreement extends his current deal to five years and $157 million, keeping him under contract with the Blazers through the 2023-24 season.
"CJ McCollum is a franchise cornerstone and a critical part of our future," Trail Blazers president of basketball operations Neil Olshey said in a statement. "This extension represents a strong level of commitment between CJ, the Trail Blazers and the city of Portland."
McCollum, 27, became eligible to receive the extension Saturday. He joined All-NBA teammate Damian Lillard in collecting huge summer contracts to solidify Portland's backcourt.
"Growing up in Canton, Ohio, and going to a small school, the career I've had early on and to now is a testament to hard work," McCollum told reporters. "It's a testament to the organization believing in me and having faith in me throughout my career. I'm looking forward to spending five more years here."
The Trail Blazers selected McCollum with the No. 10 overall pick in the 2013 NBA Draft out of Lehigh. He has transformed into one of the team's franchise pieces, helping guide the Blazers to two appearances in the Western Conference semifinals and a berth in the conference finals last season.
McCollum, who was voted the NBA's Most Improved Player in the 2015-16 campaign, has averaged 17.8 points, 3.1 rebounds and 2.9 assists per game in 411 contests (314 starts) over six seasons with Portland.
The star guard ranks 12th in franchise history with 7,328 points. He also sits at seventh in Blazers history in 3-point shooting percentage, eighth in free throw percentage and third in 3-pointers made (823).