Star guard in ‘no hurry’ to sign contract extension with Golden State Warriors

The Golden State Warriors still have roster decisions to be made before opening night tip-off against the Phoenix Suns on October 24, but that’s not the only concern for Mike Dunleavy Jr. and the front office.

Klay Thompson is currently extension eligible as he enters the final season of a five-year, $189.9 million contract. If the 33-year-old and the franchise fail to come to terms to a new deal, he’ll enter next offseason as unrestricted free agent.

The Golden State Warriors and Klay Thompson are in ‘no hurry’ to finalize a contract extension, with both player and franchise wanting to retain their ‘optionality’.

Recently speaking on ‘The Lowe Post’ podcast with Zach Lowe, ESPN’s Ramona Shelburne confirmed the Warrior front office and Thompson’s representatives had begun discussions on a possible deal.

"“This idea that he’s been eligible for a while and they haven’t done anything…no, they’ve started talking. They’ve exchanged proposals. There’s no hurry to these discussions”, Shelburne said. “The optionality goes both ways. Not necessarily he’s trying to leave, but just the optionality that he didn’t have a great year last year. It behooves him to have a great year this year and he becomes more valuable if he does.”"

To state “he didn’t have a great year” is a little unfair given Thompson, in his first full season after two devastating leg injuries, did average 21.9 points on 41.2% three-point shooting. His performance in the playoffs was glaringly poor though, making it understandable why both parties may be a fair way apart on the value of his next deal.

There’s a widely-held expectation that the five-time All-Star will have to take a significant cut from the $43.2 million he’ll make this season. With Golden State’s potential aim of getting below the NBA’s new second tax apron ahead of the 2024-25 season, Thompson may have to accept less than $30 million per year in order to remain at the franchise.

Given his stature as one of Golden State’s greatest ever players, it’s difficult to envisage Thompson departing for a rival team even if a new deal isn’t forthcoming before he hits free agency.

Thompson is the only key Warrior not under team control past this season. Stephen Curry, Draymond Green and Andrew Wiggins are each contracted for at least the next three years, while the franchise holds the power in the deals of Kevon Looney (partially guaranteed) and Chris Paul (non-guaranteed) for 2024-25.