Report: Warriors offered Klay Thompson a two-year extension in offseason

Report: Warriors offered Klay Thompson a two-year extension in offseason

Even though we’re barely 28 percent into the 2023-24 NBA season, it’s already treading toward it being one to forget for the Golden State Warriors.

The Warriors have begun the season 10-13 with the NBA’s No. 16-best offense and defense. According to dunksandthrees.com, Golden State sports the 10th-best adjusted offense–based on strength of schedule–and the 13th-best defense, which has played in their favor despite the ugly start.

But what has not played in their favor has been the play of their stars outside of Stephen Curry–namely Klay Thompson, Andrew Wiggins and Draymond Green, who will likely face yet another suspension for striking Phoenix Suns center Jusuf Nurkic in the head/neck area Tuesday evening. Let’s focus on the former, shall we?

By every account, Thompson’s having the worst season of his career. He’s averaging 15.4 points, 4.0 rebounds and 2.0 assists per game through 22 games. He’s shooting a career-low 39.7 percent from the floor and 34.3 percent from 3-point range–equating to a 49.8 effective field goal percentage, a well below average mark and a far cry from his career 54.9 eFG%.

It was reported in late November that Thompson’s contract negotiations have been “weighing” on his play. While a new deal has still yet to be agreed upon, reports surfaced Wednesday that Thompson was only a … two-year deal?

“I’m told that the Warriors offered a deal, 2 years in the range of 48 million dollars in an extension to Klay Thompson before the season,” NBA insider Shams Charania of The Athletic said Wednesday on Fanduel’s Run it Back show. “And now there’s no deal. We’re into this season. They’re going to play it out. He’s going to play it out.”

"[Klay Thompson's] future has been in question…I'm told that the Warriors offered a deal, 2 years in the range of 48 million dollars in an extension to Klay Thompson before the season, and now there's no deal."@ShamsCharania on the current state of the Golden State Warriors.… pic.twitter.com/B0T6rRMo5K

— Run It Back (@RunItBackFDTV) December 13, 2023

Thompson, 33, is in the final year of a five-year, $190 million extension he signed ahead of the 2019-20 season. He’s on the books for $43.2 million, the 12th-highest salary contract that makes up approximately 31.8 percent of the league’s cap, according to Spotrac.

A flat $48 million contract over two years would begin in the neighborhood of $23.1 million, which would make up roughly 15 percent of next season’s cap (assuming a full 10 percent raise). The Warriors could decide to not guarantee Chris Paul‘s $30 million or Kevon Looney‘s $8 million next season. But assuming all contracts were guaranteed and opted into, the Warriors would have over $174 million in payroll allocated to 11 players, per Spotrac.

A $23 million cap hit would hypothetically push them north of $15 million above the luxury tax with a bill nearing $45 million, assuming the luxury tax jumps to $181.8 million; a $30 million cap hit could increase their luxury tax bill another $30 million. For a player who’s not currently netting a positive impact, it’s not worth it.

We don’t know how Golden State will navigate Thompson’s contract, nor really anyone else’s. We’ve seen the Warriors have an affinity for rewarding their core. There’s nothing wrong with that, but Thompson hasn’t played like a player deserving of more than what he was offered in the offseason, let alone his current contract. There’s time to flip that narrative, but perhaps a change of scenery in the future is best for both sides.

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