Devin Booker's new contract extension is a record-breaker

Shai Gilgeous-Alexander held the title of highest average annual salary in NBA history — for about a week, that is.

Another former Kentucky player, Devin Booker, has since overtaken him, according to ESPN’s Shams Charania, who reported Wednesday night that Booker has agreed to a two-year, $145 million contract extension that will keep him with the Phoenix Suns through the 2029-30 season.

That puts Booker’s average annual salary for the 2028-29 and 2029-30 seasons at $72.25 million, just a tick above the $71.25 million per season deal that Gilgeous-Alexander agreed to earlier this month with the Oklahoma City Thunder.

Charania reports that Booker and Suns owner Mat Ishbia met Wednesday night in Las Vegas to finalize the extension. Booker now has a total of five years and $316 million remaining on his contract. This is his third extension with the franchise.

BREAKING: Phoenix Suns superstar Devin Booker has agreed to a two-year, $145 million maximum contract extension with the franchise through the 2029-30 season, the highest annual extension salary in NBA history, CAA’s Jessica Holtz and Melvin Booker told ESPN. pic.twitter.com/A5U5VPlSgx

— Shams Charania (@ShamsCharania) July 10, 2025

Booker, 28, has spent all 10 of his NBA seasons with the Suns. The 6-foot-6 guard is a four-time All-Star in Phoenix and was a top-four MVP candidate during the 2021-22 season. He also helped lead the Suns to the 2021 NBA Finals before falling to the Milwaukee Bucks. This past season, playing alongside Kevin Durant (who was recently traded to the Houston Rockets), Booker posted per-game averages of 25.6 points, 7.1 assists, and 4.1 rebounds in 37.3 minutes across 75 games played.