Davis' new deal will keep him signed through 2028 and pay $62 million per year, the richest annual extension in NBA history. The former No. 1 overall pick became eligible for a three-year extension as of Friday and Paul quickly reached a deal with Lakers general manager Rob Pelinka.
Davis, 30, had two years and $84 million remaining on his contract prior to Friday's agreement. The eight-time All-Star averaged 25.9 points, 12.5 rebounds and 2.0 blocks per game during the 2022-23 NBA season, as well as 22.6 points, 14.1 rebounds and 3.1 blocks per game during the Lakers' postseason run, which concluded in a Western Conference Finals sweep by the eventual NBA champion Denver Nuggets.
Davis was acquired by Los Angeles in a blockbuster trade with the New Orleans Pelicans in July 2019 and was instrumental in the franchise winning its 17th NBA championship during his first season.
Davis averaged 27.7 points, 9.7 rebounds and 1.4 blocks during the 2020 NBA Playoff Bubble, with Los Angeles defeating the Miami Heat in six games.