Saddiq Bey’s reported three-year, $55.5 million extension keeps him under contract with the New Orleans Pelicans through 2029-30, with the new money beginning in 2027-28. ESPN’s Shams Charania reported the agreement September 17, citing Bey’s agents; the deal is fully guaranteed and includes a trade kicker. Hoops Wire

The substantial raise is possible because NBA extension rules give lower-paid veterans an alternative to using their own salary as the starting point. New Orleans can base Bey’s extension on the league’s estimated average player salary.

When does Bey’s raise start?

Bey still has one season remaining on his existing deal. SalarySwish lists his 2026-27 base salary at $6,440,678 and his cap charge at $6,557,080. The difference is $116,402 in incentives classified as likely to be earned. Those figures describe the final existing season, before the extension begins. SalarySwish

The $55.5 million covers the following three seasons. Dividing it by three produces the widely reported $18.5 million annual average, but that average does not establish the salary in each year.

SalarySwish currently models an extension beginning around $17.13 million and rising to roughly $19.87 million. Its listing explicitly marks the extension details as unconfirmed, so those annual amounts remain provisional. The reported total and duration are firmer than the preliminary breakdown. SalarySwish

Why the raise can exceed 40%

Under Article VII, Section 7 of the NBA’s collective bargaining agreement, a standard veteran extension can begin at up to 140% of the greater of two figures: the player’s final existing salary or the NBA’s estimated average player salary for the year the extension is signed. Maximum-salary and incentive rules also apply. NBA–NBPA collective bargaining agreement

Using only Bey’s $6,440,678 base salary would produce a starting figure of approximately $9.02 million: $6,440,678 multiplied by 1.4, before considering incentives. The league-average alternative allows a substantially higher starting salary and explains how this agreement is possible without waiting for free agency.

What New Orleans is committing to

Bey played 72 games in 2025-26 after missing all of 2024-25 while recovering from a torn ACL. He started 64 games and averaged 17.7 points, 5.6 rebounds and 2.5 assists. He shot 36.7% from three-point range. Hoops Wire

The Pelicans are committing to Bey after a season in which he demonstrated both scoring production and sustained availability. They still accept the risk that a successful comeback season will not translate into three more years at the same level. Bey receives financial security before playing the final season of his old deal; the Pelicans settle his price before he reaches the open market.

The reported trade kicker provides additional financial protection if he is moved. It is a bonus triggered by a qualifying trade, rather than a right to veto one. The initial reporting does not specify its size, so calculating an exact payout would be premature. Hoops Wire, NBA–NBPA collective bargaining agreement