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Report: Philadelphia 76ers, Robert Covington agree to 4-year, $62 million contract extension

From NBA media reports

The ‘Process’ is set to lock in another member for the future.

The Philadelphia 76ers and forward Robert Covington are finalizing a four-year, $62 million contract extension, according to ESPN’s Adrian Wojnarowski.

The reported deal, which will keep Covington under contract through the 2021-22 season, is expected to become official this week. Here’s more from ESPN:

The deal will include a $15 million renegotiation bump on Covington’s $1.57 million salary this season …

The $15 million renegotiation is the largest single-season figure negotiated since that became an available contractual avenue in the NBA.

Discussions on Covington’s deal — including the ability to formalize the renegotiation on his 2017-18 salary and the new extension — became allowable on Wednesday under the league’s collective bargaining agreement.

For the 76ers, the balloon payment on the 2017-18 season allows the team increased salary-cap space and payroll flexibility for upcoming seasons, when Philadelphia plans to be aggressive in free agency. The Sixers could have $25 million in salary-cap space this summer.

Covington, 26, is having a career season and has been vital to the Sixers’ early success in 2017-18. He’s averaging 16.8 points per game and is currently top five in the NBA for 3-pointers made (48) and 3-point percentage (50%). Beyond his ability to stretch the floor this season, the 6-foot-9 swingman has consistently been one of the league’s better wing defenders who has routinely guarded multiple positions.