McGrady, who has three years and $47.1 million left on his current deal, has been extended for an additional four years that are worth $85.7 million, ESPN Insider Chad Ford reports. McGrady will make $14.4 million this season; his salary in the last year of his contract, the 2010-11 season, is $24.1 million.
Before he was traded to the Rockets in June from Orlando,
McGrady had vowed to exercise the opt-out clause in his contract,
which had three years remaining. The clause was to go into effect
at the end of this coming season.
"I'm pretty happy about that. It's one thing I can get off my
mind," McGrady told Houston television station KRIV.
Rockets owner Les Alexander said in a news release that team
officials now would set their efforts on All-Star center Yao Ming.
"We hope to sign him to a long-term contract as soon as
allowable,'' he said.
Information from The Associated Press was used in this report.