Adrian Wojnarowski of ESPN:
I’m a little surprised the Wizards gave Wall a player option considering their leverage.
Wall’s extension projects to pay him $169 million over four years – $30 million more than another team’s projected max offer over the same span. Even if Wall wanted to stay in Washington, this was the only offseason he could’ve ensured receiving the super-max rate. Had he rejected the extension now, he would have been eligible for the super max only by making an All-NBA team either of the next two years – far from guaranteed.
Still, the Wizards gave Wall everything – the highest-possible salary, max raises, a player option and a trade kicker.* There’s value in pleasing the franchise player. Wall will be the team’s third-highest-paid player for the next two years (behind Otto Porter and Bradley Beal), which might have bothered Wall if not for the super-max extension about to kick in. This deal makes locker-room harmony more likely.
But it also allows Wall to hit free agency in 2022 rather than 2023. Maybe that won’t matter. Wall’s salary option-year salary projects to be $47 million when he’s 32-years-old. I doubt Wall opts out then, though it’s certainly possible.
Effectively, if Wall is worth that much in 2022, he’ll be a free agent. If he’s not worth that much, Washington committed to pay him.
*The trade kicker is unlikely to to matter unless the salary cap unexpectedly increases significantly. It can’t lift Wall’s salary above 35% of the salary cap in the season he’s traded, and he’ll likely be at or above that mark throughout the extension anyway.