C.J. McCollum has agreed to a two-year, $64 million contract extension with the New Orleans Pelicans, CBS Sports’ Bill Reiter confirmed. McCollum had two years and roughly $69 million left on the deal he originally signed with the Portland Trail Blazers, so adding this extension takes his total contract up to $133 million over the next four seasons.
Notably, the $64 million price tag means that McCollum’s cap number will have to go down when the extension kicks in. That should suit the Pelicans just fine, as the cap is rising steadily and should see a spike in the 2025 offseason when a new TV deal kicks in. While McCollum’s overall salary won’t change much, the rising cap means that it will represent a lower overall percentage of the cap as he gets older. This deal will run through his age-34 season.
McCollum had spent his entire career with the Trail Blazers prior to a deadline deal last season. He joined a Pelicans team that looked primed for the lottery, but helped lead them into the play-in round and ultimately, a playoff series against the No. 1-seeded Phoenix Suns. They pushed Phoenix in six hard games, but ultimately fell short.
With Zion Williamson returning to the floor this season and a cadre of young players ready to take another leap, the Pelicans seem to feel as though they are ready to start competing for championships right away. Getting McCollum locked up for an extended run will be a critical component of that championship push.
Now he, Williamson and Brandon Ingram are signed for the next three seasons, and perhaps more importantly, their leader’s contractual situation is settled. That should make everything easier when the team arrives for training camp this week.