LeBron James broke the news himself: the only NBA player currently worth $1 billion has signed with the Philadelphia 76ers. The deal is what’s known as the “veteran’s minimum” for any player with 10 years or more of service — worth roughly and $8 million over two seasons, ESPN’s Shams Charania reported, citing confirmation from James’ agent Rich Paul, CEO of Klutch Sports Group.
It’s a sharp turn from his last contract with the Los Angeles Lakers, where he made $52.6 million last season as part of a two-year, $104 million extension signed in 2024. The move to Philadelphia’s minimum represents a cut of roughly $48 million, or more than 90% of his prior salary.
League mechanics made the number close to unavoidable. With Joel Embiid, Tyrese Maxey and newly acquired Jaylen Brown already consuming the bulk of Philadelphia’s cap sheet, the Sixers had nothing left to offer beyond a minimum-salary slot — even after having traded for Brown from the rival Boston Celtics. James, one of the very greatest players in league history, has a history of earning maximum contracts wherever he’s played — along with a series of franchise movements, from his hometown Cleveland Cavaliers to the Miami Heat and back again, before his stint in Hollywood. James’ free agency was among the longest in league history, but he ultimately didn’t break his own record, from 2016.
