Magic Johnson's contract history: All salary details of Lakers legend explored
LA Lakers legend Magic Johnson's contract history would have been much more interesting if he was part of the NBA's modern era.
Back in the day, salaries were extremely low compared to how much money today's superstars earn. However, we should assume that Magic Johnson had one of the most lucrative contracts in the NBA during that time. His Lakers contract included several deals.
In his first four years in the league, his rookie contract offered him $460,000 per year. Then, he earned $1,000,000 in four years (1984/85, 1986/87, 1989/90 and 1994/95).
Magic Johnson's contract history also includes five seasons with a salary of $2,500,000 while he received $2,400,000 in the 1990/91 season and $3,142,860 two years before.
His earnings during his 15-year NBA career were close to $40,000,000, while he averaged 19.5 ppg, 7.2 RPG, and 11.2 apg. Based on Magic Johnson's contract history, he earned as much as Giannis Antetokounmpo earns in just a year.
“I know that $1 million a year past basketball sounds exorbitant. But consider this: 14 years from now, the average secretary – not good ones, mind you, but average ones – will be making $60,000 a year. So Magic’s services, as coach or GM or whichever direction we mutually choose to take, are worth $1 million a year to me,” LA Lakers' former owner late Jerry Buss once told the New York Times.
Magic Johnson once signed a 25-year deal with LA Lakers
Magic Johnson's contract history is highlighted by a 25-year deal he signed with the Lakers back in 1984, which would expire in 2009 and was worth $25,000,000, which means $1,000,000 per year.
This way, the Lakers were trying to ensure that Magic Johnson would stay with the franchise long-term as a coach and executive after retiring.
"He may even be my coach. Or a general manager. Or maybe he’ll run the team, and I’ll just sit back and watch. Magic is a bright kid, and I plan to make him my protege, teach him the business aspect of sports. I realize this is a very unusual contract because we’re talking about a kid whose college class just graduated. But what it comes down to is that Magic is part of the family," Buss had told the New York Times.
Moving forward, Johnson's contract history extends to the deals he signed after his playing career was over. He became an executive and part owner of the LA Dodgers and LA Sparks (WNBA) and also has a share in various companies.
As a result, the Hall of Famer has become a wealthy man, worth more than $620,000,000, and continues to grow. Years after his 25-year deal with the Lakers was over, he spent two seasons as the team's president before stepping down in 2019.