Stephen Curry, Warriors reportedly agree to $116M extension: What it means for Golden State's future

Curry took less than the max to open the door for one last championship pursuit in the twilight of his career Sep 25, 2026 at 11:28 pm ET • 5 min read Stephen Curry has agreed to a contract extension with the Golden State Warriors, the team announced. The deal is worth $116 million over two years, according to ESPN. It's structured similarly to the extension Kawhi Leonard just signed with the Toronto Raptors as it includes a player option for the 2028-29 season. "We couldn't be more excited about reaching an agreement with Stephen and extending his historic career with the Warriors," Warriors general manager Mike Dunleavy said. "Personally, I don't think there has ever been a better face to a franchise in professional sports history, both on and off the court, than Stephen Curry with the Warriors. He embodies everything this organization strives to represent through his legendary play on the court, his unique leadership and sacrifice, and his unmatched impact in the community. We've been incredibly blessed to experience 17 years of Stephen's artistry and are thrilled that our fans will continue to have the opportunity to watch him perform and write additional chapters to his illustrious story."This contract takes Curry, 38, to roughly $650 million in guaranteed career earnings in the NBA, according to Spotrac. For now, that would make him the highest-paid player in league history. The irony of that distinction is that Golden State's dynasty was built with Curry playing under his rookie extension, perhaps the single most team-friendly contract in NBA history. Because of early-career ankle issues, Curry was only able to sign a four-year, $44 million deal after his third season. During that contract, he won two MVPs and two championships, and his deal helped Golden State afford Kevin Durant as a free agent in 2016. While this contract is obviously far more lucrative than that one was, it still represents a discount from what Curry could have made. With a projected $176 million salary cap for the 2026-27 season, most players with 10 or more years of experience (like Curry) would be eligible for a deal starting at 35% of the cap. That would pay $128 million over two years. However, an individual player's max salary is never less than 105% of his previous salary. As Curry is already the highest-paid player in the NBA at $62.6 million for the 2026-27 season, he would have been eligible to start a new contract above the 35% max and ultimately earn close to $137 million in total over two years had he sought the most money possible. Instead, he took more than $20 million below his max as the Warriors attempt to put one last championship contender around him in the twilight of his career. Curry, in a recent ESPN interview, indicated he was considering the Warriors' financial flexibility in his contract negotiations. "We're in a very interesting situation," Curry said. "All the different salary cap conditions of whether I sign for a max or less or whatever it is, I want to be on a competitive team. I want to have an opportunity to have some flexibility because we haven't had that in years past, the recent past. ... This team should have flexibility to make necessary moves if things happen. Those are always just the considerations. For me, information and patience is key. It's just a very unique situation all the way around based on where we've been the last four years, where I'm at in my career, what our team looks like this year and the absolute desperation to win. Trying to balance all that."Curry is entering his 18th NBA season, all with the Warriors. Since winning their last championship in 2022, the Warriors have made the playoffs just twice in the last four years and haven't returned to the Western Conference Finals. With Curry's future now settled, the Warriors can focus on rebuilding the roster around him.What this deal means for the WarriorsBefore Curry's extension, there were scenarios in which Golden State could have entered next offseason with over $100 million in cap space. The appeal in possibly delaying Curry's extension would have been the flexibility to structure his ultimate deal around whatever other moves the team needed to make next summer. Now, with Curry settled, the Warriors are currently looking at around $72 million in cap space before accounting for their first-round pick or keeping their own free agents or partially guaranteed contracts, according to Cap Sheets. In theory, the Warriors could use that space to sign a star free agent in 2027. Nikola Jokic headlines a prominent group of stars in their 30s with player options for the 2027-28 season that also includes Anthony Davis, Karl-Anthony Towns, Kevin Durant and Kyrie Irving, though Jokić and Towns are widely expected to re-sign with their current teams. The same holds true for Giannis Antetokounmpo, who is technically able to become a free agent in 2027 through a player option, but has already moved to the team he sought in the Miami Heat and is currently waiting out the NBA's six-month extend-and-trade restrictions. The class won't be quite as star-studded in reality as it looks on paper, but there will inevitably be talent available. Five burning questions for NBA media days: What does Kawhi have to say? How will LeBron fit in Philly? John Gonzalez Based on the projected $176 million salary cap, the 35% max for the 2027-28 season will be $61.6 million, meaning Golden State, for now, has the ability to sign any 2027 free agent it wants. However, there are other factors to consider here. Jimmy Butler, Draymond Green and Brandin Podziemski are all slated for 2027 free agency, and if the Warriors want to keep any of them, they will have to account for their money. The same goes for Kristaps Porziņģis, who has a $20 million player option with only $3 million guaranteed. They'll also have a first-round pick in the 2027 NBA Draft that, in this post-lottery-reform world, could be quite high. Such a pick wouldn't be cheap.In other words, Golden State could drastically remake its roster in the summer of 2027. It could also make subtler changes if it intends to bring some or all of those players back and make a high draft pick. Curry's cap figure will come in at $55.7 million for the 2027-28 season, according to ESPN. In terms of quality of play when on the floor, Curry still warrants such a salary. The key here will be health. Curry missed almost half of last season, largely dealing with a runner's knee. If that persists and he can't stay on the floor, any hope of the Warriors returning to contention vanishes. We'll have to see how the 2026-27 season plays out before saying anything definitively. At this moment, the Warriors are expected to compete for a Play-In berth. What happens this season will determine not only how eager the Warriors are to keep their own free agents, but how attractive they are to external ones. The only certainty was that one way or another, Curry would be re-signed. His contract has now been settled, and the Warriors can move on to planning for the final years of his career.