Agent Mark Bartelstein told ESPN Beal agreed to the two-year, $72 million extension Thursday. Sources confirmed the deal to the Washington Post. The pact includes a player option for 2022-2023. If Beal declines that option, he would be eligible to sign a five-year, $266 million contract, the largest in NBA history.
Beal's new contract guarantees him nearly $130 million over four years. He has a $27 million salary this season and a $28.7 million salary next season.
Beal, 26, averaged a career-high 25.6 points, 5.5 assists and 5.0 rebounds per game last season for the Wizards. The two-time All-Star has started all 82 games in each of his last two seasons.
Beal joined the Wizards as the No. 3 overall pick in the 2012 NBA Draft. He has averaged 19.8 points, 3.9 rebounds and 3.7 assists per game during his seven-year NBA tenure.
The Wizards face the Philadelphia 76ers in a preseason game at 7 p.m. EDT Friday at the Wells Fargo Center in Philadelphia. Washington begins the regular season with a matchup against the Dallas Mavericks at 8:30 p.m. EDT Wednesday at the American Airlines Center in Dallas.