Longest contract in NBA history: When Magic Johnson signed a 25-year deal with the LA Lakers worth $1 million per year
Magic Johnson had the longest contract in the NBA and the record still stands. Johnson signed a 25-year deal with the LA Lakers in 1984. The contract was worth $1 million per year and lasted until 2009. It's mind-boggling just thinking about how long the duration of the contract was. Johnson played only eight seasons after signing the contract.
He would've officially played 12 seasons from that contract had he not retired in the 1991-92 season. Had he played until 2009, Johnson would've retired at the age of 49 years. That would've made him the oldest player to ever retire.
Let's take a look at how Magic Johnson ended up signing a 25-year deal with the LA Lakers.
Magic Johnson signs the longest contract in NBA history
In 1981, Magic Johnson signed a 25-year contract extension worth $1 million per year. His contract only took effect once the 1984-85 NBA season arrived. The contract may seem very attractive, but in reality, Johnson was being underpaid. His contract was only worth $25 million and took 25 years to get paid in full.
It was kind of a slap in the face for the Lakers legend considering his rivals and teammates were being paid higher. According to Spotrac, Larry Bird made $24.07 million in 13 seasons. Bird made nearly the same amount in half the time. Even Johnson's teammate Kareem Abdul-Jabbar was making nearly $2 million a year with the Lakers.
With that said, having the longest contract in NBA history doesn't exactly mean it's the best contract. Even the legend himself is aware of what he signed up for.
According to The Sports Rush, Magic Johnson signed the contract on a whim. The reason behind his sudden decision was because Johnson was poor growing up. He told the entire story of why he signed the contract on "Jimmy Kimmel Live."
Johnson mentioned that he realized he was being underpaid but was focused on winning championships. As much as he wanted to renegotiate with the Lakers, contending for titles was his priority. However, he clarified that he would've been happier if he was paid the same amount as the other NBA stars at the time.
The only reason Johnson signed the longest contract in NBA history was because a million dollars already seemed like plenty to him. True enough, compared to his old situation before joining the league, receiving $1 million a year was a game changer for the legend.
Unfortunately, the contract slightly changed the dynamic of the team. Magic Johnson's teammates felt like he was part of management instead of just a regular player on the Lakers roster.
“I have to be paid what the other top players are being paid,” Johnson said. “If I’m paid like they are, I’ll be happy and everything will be fine. I don’t want to renegotiate now; all I want to do is win the championship. But I do want to be paid what I think I deserve.
“It was great because, you know, I grew up poor my whole life. So to get a million dollars a year was outstanding but it changed the dynamic of the team. They thought that now, I was part of management instead of being just a Laker player.”