The NBA free agency definitely stood out in terms of activity this offseason. This is perhaps the first time in a while that the summer has seen so many max extension signings. Kyrie Irving, LaMelo Ball, Tyrese Haliburton, and Desmond Bane, among other stars signed max extensions with their respective teams. The offseason free agency has been so intense that within just a few hours, the contracts of only four players amounted to a billion dollars. Among the massive deals that players signed with their respective teams, LaMelo Ball’s contract was nothing out of the blue. Ball signed a massive $260 million, five year-extension with the Charlotte Hornets. Such big signings are not unprecedented in today’s NBA. However, that was not always the case. Even Michael Jordan, the GOAT for many, only managed to earn a fraction of that amount in his whole career.
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It would be impossible to even think that Jordan, the best player of his generation, was paid $6.3 million for seven years in his initial years. Yes, of course, the value of money has changed a lot over the past two decades. The league has also expanded over the years and attracted a vast international audience. Jordan played a crucial role in that as well.
Over the course of his 16-years-old career, Jordan earned $94,000,000 in NBA salaries, which is $166,000,000 less compared to Ball’s $260,000,000, five-year extension deal. Jordan was so underpaid at one point in his career that he would get frustrated watching guys who were not even on his level get paid more than him.
Michael Jordan made $166 million less in his career than LaMelo Ball’s current extension
Despite being considered the GOAT of basketball, Jordan was underpaid, even if his salary is adjusted to inflation. What LaMelo will make in just five years, Jordan couldn’t make in 16 years. Ball’s five year earnings are $166,000,000 more than Jordan’s lifetime NBA earnings.
However, the massive increase in salary for the players compared to the common household yearly income in the US is not a big surprise. During the early years of basketball, the star players made 2.6 times more than the average yearly income of a family. This has increased to 600 times in 2020. One of the common explanations for the massive salary increase is the TV and media signings by the league.
The partnerships with the media and entertainment channels have helped the league earn a substantial amount. The CBA has made sure that players get a share of the increased income. The salary in the NBA has increased so much that the highest-paid player in the league makes 360 times more money than the highest-paid basketball player in the 1940s. This amount is after adjusting for inflation.
Chicago Bulls tried to compensate Jordan during his final years with the team
Despite being underpaid before his first retirement, Jordan’s salary skyrocketed during his second stint. After Michael Jordan joined the Bulls in 1995, coming back from retirement, they lost in the playoffs. However, the Chicago side came determined the next season and won the Championship once again.
Sometimes, the absence of a star reveals his true value, and the Bulls somehow realized MJ’s importance to the franchise. The franchise paid a massive $30.1 million to Jordan in a year’s extension. Next year, after he won his fifth championship, his salary increased by $3 million. By the 1997-98 season, Jordan was being paid $33.1 million for a single season. It remained a record until the 2018 season.
