The Spurs and De’Aaron Fox agreed to a four-year, $229 million extension, the maximum allowed. It was almost a given that a deal like this would get done as soon as Fox forced his way to San Antonio, to the point that it was a little surprising it wasn’t inked as soon as it was possible, on Sunday, August 3.
The Spurs secured the services of a borderline All-Star for the rest of his prime, but the decision isn’t without his detractors, who worry about the cost and the all-in nature of the move. In a vacuum, their concerns are understandable. In a broader context, however, the benefits far outweigh the potential drawbacks.
First, the financial aspect. Fox will make around 30 percent of the cap or slightly above it for the duration of the contract, which is admittedly a lot, even for a player of his caliber. If the Spurs were in a tight spot, cap-wise, and this extension was the final big move they could make, it would be a questionable decision, as it doesn’t make them an instant contender.
Fortunately, that’s not the situation at all. Victor Wembanyama will be on a rookie deal for two more years, Stephon Castle for the next three, and Dylan Harper for the next four. Devin Vassell’s contract declined this year, will decline again the following year, and while it goes up in his final year, the cap will also increase, so he will make around 13 percent of the cap in 2028/29, the final year of Fox’s new contract, according to Spotrac’s projections. No one else on the roster currently makes more than 15 percent of the cap. Jeremy Sochan might on his next contract, but it’s far from a given. The Spurs’ favorable cap situation allows them to overpay a little to be good now without putting them in a precarious position.
Now, some might question whether Fox is only slightly overpaid. He’s a one-time All-Star who got there as an injury replacement and he hasn’t enjoyed much success in his career, making it to the playoffs just once and bowing out in the first round. At the same time, his career averages of 21 points, four rebounds, six assists and almost two stocks show that he’s been an incredibly productive player whose lack of postseason success can be attributed to being stuck in one of the league’s most dysfunctional franchises. Once the Kings got him a solid coach and a quality running mate in Domantas Sabonis, Fox was consistently a positive when he was on the floor and a killer in the clutch. There’s no reason to believe that will change when he gets to play next to Victor Wembanyama.
Speaking of Wemby, the extension is, to a degree, more about him than it is about Fox. So far in his career, Wembanyama’s point guards have been Jeremy Sochan, Tre Jones, Malaki Branham and 39-year-old Chris Paul. Despite not having a perimeter scorer and creator to take pressure off him, the big man developed on offense and was looking like a top 20 player in the league last season before being sidelined with deep vein thrombosis. The Spurs and the NBA world as a whole understand that he could be in the MVP conversation sooner rather than later, if he’s healthy and has a solid supporting cast around him. He’s ready for a leap, and giving him the sense of stability he needs after years of high roster turnover and experimentation is a great way to make sure he gets to the next level.
While Fox is clearly the best option as point guard in the short term, there is a reasonable question about the logjam at the guard spots in the medium term. The good news is that, while Fox’s new contract is undeniably massive, it should be movable. In 2026/27, when his extension kicks in, he’s projected to be tied for the 17th highest contract in the league, but he could rank lower as others ink large contracts. There are 42 players slated to make $40 million or more in that season, and that number will definitely climb. As long as Fox doesn’t severely underperform in the next few seasons (and there’s no reason to think the 27-year-old will), he should be tradeable, because deals on his salary range are not as rare as some might think.
It’s understandable to be taken aback by the sheer dollar amount of Fox’s extension, and reasonable to think he shouldn’t be paid like a top 20 player, since he isn’t one. The context surrounding the decision is what makes it palatable. The Spurs were in a good position to do it, cap-wise, without limiting their flexibility. On the court, it was necessary to make sure Victor Wembanyama finally had a reliably good perimeter running mate with whom to develop some chemistry. San Antonio locked down a quality starter and now has a sense of stability that was previously lacking. It was costly, but it was the right move.
As the Spurs enter the next stage in their rebuild, big decisions that won’t always be universally praised but keep the progression going will be necessary. The De’Aaron Fox extension shows the front office is ready to make those decisions, which is encouraging to see.