Redd's got four years left at about $66 miliion, so I'm guessing over five years that his deal was about $78 or $79 million. Using that yard stick this is a fair deal for both sides. Rashard Lewis is getting almost $120 million over six years. While Lewis is a superior player to Martin, I don't think that he's worth $8 million per year more (plus the sixth year) than K-Mart, so again this seems like a fair deal.
If they were signing K-Mart to this extension and all of the bloated contracts were expiring at the end of this year, wouldn't we be a bunch of excited happy campers?

To me this is a good/bad news type of deal. Bad news first:

• You risk the danger of having your best young player since peja locked up at an overvalued price.

• You overpay as the market seems to be going downward, with the exception of young superstars (whatever that constitutes).

• You don't know exactly where Kevin would fit in an upper echelon team winning 50+ games.

• You risk the possibility of having to negotiate a trade kicker at the end of this extension (in the league for 8 seasons with the same team AND an unrestricted Free Agency).

• You end up overpaying the other young talent in accordance similar to the way you payed Martin.

The good:

• The possibility of being able to backload the deal may provide a way to get value particularily at the end of his contract when he makes less money than he does at the beginning.

•  His star continues to rise and he becomes a value at that price.

• Avoiding the 2008 offseason could drive his price up even further when alot more teams with needs for good outside shooters/slashers could offer him even more money.

• It makes him happy and he becomes an All-Star next season.

Here's my take. Kevin's best option is to take the 3 year option. He could easily become the premier FA in that time. Dwight/Josh Howard won't be on the market. They will probably be the most coveted FA's around at that time from Martin's draft class. Dwyane Wade/LeBron James won't be on the market either. They're FA will come in 2010. Martin's will come in 2011. On the other hand it's worse for the Kings that he signs a 3 year deal especially if that motivates him to sign a much larger contract. On the other hand he could be a big bust during this 5 year deal and his star doesn't continue to rise and plateau's. My personal opinion is that as long as Kevin is hungry and dedicated to the game he will be a very good/great player in this league for a long time. SG's with outside shooting ability tend to stay in the league for awhile because the wear and tear on their bodies isn't as high as somebody who plays on the inside more.

I'm happy that the kings are signing him to a long term deal and all that. I'm disappointed that the number is so high. Kevin is at most an 8  million a year player at the moment. And if you add an extra mil he isn't better than Peja was at a similar stage. That's the reality. He can be better and he could be a little worse. It's hard to say. It's just that the money seems high for a guy whose best year came on a very dysfunctional franchise regardless of the circumstance.