2024 NBA Draft: Top Picks’ Lucrative Rookie Contracts Revealed

The 2024 NBA Draft, scheduled to kick off this Wednesday evening, promises a fierce competition among aspiring NCAA prospects and international sensations vying for the prized 30 spots in the first round. These coveted selections come with substantial financial rewards, as NBA rookies are poised to sign contracts spanning up to four years, with the top pick potentially earning a staggering $57 million over the duration of their deal, according to projections from Spotrac.

Each year of the contract sees a gradual decrease in total earnings across the first round, starting with an estimated $57.19 million for the first overall pick, $51.18 million for the second, and scaling down to $12.84 million for the thirtieth pick. In the inaugural year alone, these figures translate into substantial earnings: approximately $12.61 million for the top pick, $11.28 million for the second, $10.13 million for the third, and $2.50 million for the thirtieth pick.

This potential contract value represents a significant increase over previous years, surpassing the first-year earnings of notable players like Victor Wembanyama, who secured a rookie deal worth $12.16 million with the San Antonio Spurs last year, and Paolo Banchero’s $11.6 million contract with the Orlando Magic in 2022. In 2021, Cade Cunningham’s rookie contract with the Detroit Pistons amounted to $10 million in his first year.

Under the NBA’s collective bargaining agreement, the initial two years of each rookie’s contract are guaranteed, with provisions for extensions into a third and fourth year, accompanied by incremental salary escalations based on performance benchmarks and league guidelines.

In a notable trend, the top pick in the NBA Draft is expected to hail from France for the second consecutive year, with prospects Zaccharie Risacher and Alex Sarr emerging as frontrunners. The Atlanta Hawks hold the coveted first overall pick for the 2024 draft, followed closely by the Washington Wizards and Houston Rockets in the selection order.

Parallel to these developments, collegiate basketball stars continue to capitalize on the evolving landscape of name, image, and likeness (NIL) deals. Following the Supreme Court’s landmark decision in NCAA v. Alston in 2021, which overturned restrictions on student-athlete compensation, these players are now able to profit from endorsements while still in college. Leading the charge in this arena, Duke’s Jared McCain has secured an estimated $1 million from partnerships with Champs Sports, Crocs, and RECOVER 180. Meanwhile, North Carolina standout Armando Bacot has inked deals totaling approximately $930,000 with BOA Nutrition and Dunkin Donuts. Notably, WNBA rookie Caitlin Clark has emerged as a trailblazer, reportedly amassing a substantial $3.1 million in NIL deals, including major endorsements with Gatorade and Nike.