HOUSTON — Houston Rockets and guard Kevin Porter Jr. agreed on a four-year contract extension Monday, according to the team.
The Seattle native signed a new four-year deal that could be worth as much as $82 million through the life of the contract. Only the first season of the extension, which begins in 2023-24, is guaranteed. Porter will earn about $16 million during that first season.
According to ESPN, Porter's extension won't impact Houston's ability to sign free agents next summer. The Rockets are still in a position to have more than $60 million in cap space for 2023.
In a corresponding move, Houston officially waived Derrick Favors to reach 15 rosters spots. After waiving Favors and John Wall earlier this offseason, the Rockets have more than $50 million committed in dead money.
"I'm happy man, this my home," Porter said after the extension was announced. "It's just reassurance that I'm here. H-Town baby, this my home."
Houston begins the regular season Wednesday in Atlanta against the Hawks.
Porter is one of the young players the rebuilding Rockets hope will help them return to contention. He has played in 87 games with 84 starts over two seasons, averaging 15.6 points, 6.2 assists and 4.4 rebounds last season.
“We value the player and the person that Scoot is becoming and are eager to invest in him and his journey,” general manager Rafael Stone said. “He’s expressed how happy he is to be with this organization and has shown his commitment to putting in the work both on and off the court. We are excited for the opportunity to continue to build something special with him.”
Porter was the 30th overall pick in the 2019 draft and spent his first NBA season with the Cavaliers before being traded to the Rockets in January 2021.
Porter is one of eight players over the past two seasons to have averaged at least 15 points, six assists, four rebounds, one steal and two 3-pointers a game. The other players to have done that are former Rockets star James Harden, LaMelo Ball, Steph Curry, Luka Doncic, LeBron James, Kyle Lowry and Fred VanVleet.
Porter was 21 when he scored 50 points with 11 assists against Milwaukee on April 29, 2021 to become the fifth-youngest player to have a 50-point game in NBA history. He passed James as the youngest player to have a 50-point game with at least 10 assists.
Porter recorded a triple-double of 30 points, 12 rebounds and 12 assists on March 30, against Sacramento to become the youngest player in franchise history with a triple-double.
