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Kevin Martin Signs Five-Year Extension!

It is official without being official. Sam Amick from The Bee reports Kevin Martin agreed to the rumored five-year, $55 million extension late last night. There's nothing out of the Kings media office yet, but Amick seems certain about this.

Martin's locked up through 2013. His salary structure should look something like this:

2007-08   $1.8m
2008-09   $9.0m
2009-10  $10.1m
2010-11  $10.9m
2011-12  $12.2m
2012-13  $13.1m

Based on how most of these contracts go, he'd be eligible to extend his deal during the summer of 2011. (See: Paul Pierce, Dirk Nowitzki.) Such an extension would take us through 2017, the season in which Martin turns 34. But that's a long way from now, isn't it?

The Kings now have $74.1 million locked up in 2008-09, which will be something like $4 million over the luxury tax threshold. Adding a lottery pick's rookie scale contract adds another $2 million. This assumes Mike Bibby doesn't opt out, Ron Artest picks up his option to stay, and (gulp) Kenny Thomas doesn't opt out. If those things happen (and no free agents sign/trades happen), the Maloofs will be shelling out roughly $82 million in player payroll (including the luxury tax) in 2008-09. (This would be why moving Bibby is kind-of a priority. He makes $14.5 million that year.)

Thankfully, the cap number stays the same this year, so the panic cap-cutting can take place over a full a year and a half.

No matter -- leave the financial worries to the Maloof family accountant. We've got lots more Kevin Martin for a long time. Anyone mad about that? Didn't think so.

Still gives me goosebumps.