Giannis Antetokounmpo loses $25 million off 'supermax' contract due to coronavirus losses

Giannis Antetokounmpo made history on Tuesday after agreeing to a supermax extension of his Milwaukee Bucks contract, making it the biggest deal ever in NBA history. The 26-year-old signed a 5-year, $228 million extension, including an opt-out after the fourth year. While the Bucks star's contract is record-breaking in its own terms, the deal was largely affected by the coronavirus pandemic, which cost the 'Greek Freak' close to $25 million. 

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Giannis contract breakdown: Greek Freak set to lose out of more than $25 million due to coronavirus on extension 

Giannis Antetokounmpo is all set to be a wealthy man but the 26-year-old could have been a good deal richer if not for the coronavirus pandemic. The Giannis supermax extension will earn the Greek Freak more than $45 million per year, making him the highest-paid athlete in North American team sports. However, according to CBS Sports, Giannis could have bagged more from his supermax extension if not for the coronavirus pandemic. The max on his contract refers to the percentage of the salary cap, which us determined by revenue which was massively hit by the coronavirus pandemic.

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The NBA and the NBPA settled on a pre-determined cap number for this season, $109,140,000, same as last season, with growth between three and 10 per cent annually based on how much revenue the NBA generates. According to the CBS Sports report, a three per cent increase on the $109,140,000 cap comes out to $112,414,200, which is how Giannis' supermax deal is valued at $228.2 million. The 26-year-old's MVP awards make him eligible for veteran status, and his new deal starts at 35 per cent of that cap figure and grows by eight per cent annually. Here's the break down of Giannis salary: 

• 2021-22 season: $39,344,970
• 2022-23 season: $42,492,567
• 2023-24 season: $45,640,164
• 2024-25 season: $48.787,761
• 2025-26 season: $51,935,358
• Total earnings: $228,200,820

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And while this figure is set in stone, NBA could generate more revenues if fans are able to return back to the stadium. In the best-case scenario, the cap would rise 10 per cent, up to $120,054,000. That would have seen Giannis net more than $15million than his current supermax contract. Here's how CBS Sports broke it down:

• 2021-22 season: $42,018,900
• 2022-23 season: $45,380,412
• 2023-24 season: $48,741,924
• 2024-25 season: $52,103,436
• 2025-26 season: $55,464,948
• Total earnings: $243,709,620

Now, according to The Athletic's Shams Charania, the NBA and NBPA had projected a $125 million salary cap for the 2021-22 season. That was however before the coronavirus pandemic, with fans attending games in numbers. Had that been the case Giannis would have earned $25 million more than his current contract value.  It would have paid Giannis over $50 million per year, and the Greek Freak could have commanded over $60 million for the 2026-2027 season if he remains as productive as he is now. Here's the breakdown:

• 2021-22 season: $43,750,000
• 2022-23 season: $47,250,000
• 2023-24 season: $50,750,000
• 2024-25 season: $54,250,000
• 2025-26 season: $57,750,000
• Total earnings: $253,750,000

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(Image Courtesy: Giannis Antetokounmpo Instagram)