76ers' Joel Embiid signs contract extension: Report says it's a massive three-year deal worth $192.9 million

Former league MVP Joel Embiid and the Philadelphia 76ers have signed a multi-year contract extension, the team announced Friday. The max deal is worth $192.9 million and guarantees the big man a whopping $299.5 million over the next five years, according to ESPN.

“Philadelphia is my home,” Embiid wrote on social media. “I want to be here for the rest of my career. I love this community and everything it has given me and my family.”

Given this maximum contract extension, Embiid will decline his $59 million player option for the 2025-26 season.

Embiid, 30, has made the All-NBA team five times and was the NBA MVP in 2023. He averaged 34.7 points last season and won a gold medal with the U.S. men's national team at the 2024 Olympic Games in Paris.

This breaking news will be updated shortly.