Report: 76ers to extend Robert Covington’s contract Wednesday
The 76ers signed Robert Covington to a Hinkie special – a long-term contract at or near the minimum with latter seasons unguaranteed. It’s the ultimate form of team control, and Philadelphia reaped the rewards with Covington.
Soon, three years after he signed, it’ll be time to reward him.
Marc Stein of The New York Times:
Robert Covington is eligible to sign a contract extension Wednesday and league sources say Philly is indeed on course to seal that new deal as soon as it’s permissible— Marc Stein (@TheSteinLine) November 10, 2017
The 76ers can use their $15,120,873 in cap space to renegotiate Covington’s salary this season from $1,577,230 to $16,698,103. Better to pay him more this year, when Philadelphia doesn’t have other uses for the money, and save more in future seasons. His salary could decrease by 40% in 2018-19 then 8% each year thereafter in an extension that could add up to four years. So, Covington’s deal could look like this:
- 2017-18: $1,577,230 $16,698,103
- 2018-19: $10,018,862
- 2019-20: $9,217,353
- 2020-21: $8,415,844
- 2021-22: $7,614,335
That’d add $50,387,267 of new money and four years to Covington’s contract.
Will he allow his salary to decline the maximum amount annually? Covington’s renegotiation-and-extension could add up to $95,912,975 in new money. So, maybe he demands more to eschew free agency.
The terms have probably been set for a while. The 76ers saved cap space for this. Soon enough, we’ll learn the exact structure of the deal.