Wizards, Beal agree on 2-year, $72 million extension

Bradley Beal has agreed on a two-year extension worth nearly $72 million with Washington, a major victory for the Wizards and a move that will keep the All-Star guard out of free agency for at least the next three summers. The agreement was confirmed Thursday by Beal’s agent, Mark Bartelstein. ESPN first reported the details of the extension.

Beal still had two years left on his existing contract. The extension kicks in for the 2021-22 season, has a player option for the following year and means that Beal won’t be part of what has been shaping up to be an NBA free-agent extravaganza in the summer of 2021.

The Wizards were willing to give Beal a three-year extension that would have been worth about $111 million over three years. Beal went the two-year route and that protects his future options — he could opt out of the deal in the summer of 2022, coinciding with his 10th year in the league.

The 10-year milestone is significant: By having that many years of service, Beal would be eligible to sign a new deal worth in excess of $250 million over the next five seasons.