This was the final day to get this deal done, otherwise Bynum would have been a restricted free agent this off-season. Andrew is now set to average around $14.5 million for the next four seasons.
L.A. Times: The Lakers and Andrew Bynum have agreed in principle on a four-year contract extension worth about $58 million, keeping their center of the future in the fold through the 2012-13 season, according to sources familiar with the negotiations who would not speak publicly.
Bynum, who will make $2.8 million this season, will earn close to $42 million over the first three years of his contract extension. The fourth year will be a team option for about $16 million.
The Lakers declined to comment, although an announcement could come as early as this afternoon.
David Lee, Bynum’s agent, spent more than a week in Los Angeles trying to negotiate the extension and returned to his New York home Wednesday afternoon without a deal in place.
Lee, however, will return to Los Angeles today, to formalize the deal, one day before the Friday deadline for contract extensions for players such as Bynum.
Both sides appeared to be far apart earlier in the week, with Bynum’s agent asking close to an average of $17 million a year on a five-year deal and the Lakers countering with an average of $11 million a year over five years.