NBA free agency money flies quickly as seven players total $1.5 billion

In a matter of hours, more than $1.5 billion in salary went to seven NBA players.

As free agency opened on Thursday and players under contract eligible for extensions, money flew – just as the NBA announced its salary cap and luxury tax threshold for the 2022-23 season, which was 10% more than projected.

• Denver’s Nikola Jokic, the 2021 and 2022 MVP, plans to sign a five-year, $270 million extension, the largest contract in NBA history.

• Bradley Beal reached a five-year, $251 million deal with the Washington Wizards.

• Minnesota’s Karl-Anthony Towns and Phoenix’s Devin Booker each agreed to four-year, $224 million extensions.

• Zion Williamson came to terms on a five-year, $193 million designated rookie extension with New Orleans, and that amount could reach $231 million

• Zach LaVine decided to stay in Chicago on a five-year, $215 million deal.

• Memphis’ Ja Morant, one of the league’s bright young stars, will sign a five-year, $193 million extension that could also reach $231 million.

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That’s a staggering $1.5 billion to seven players – and will increase to nearly $1.7 billion when James Harden completes a new deal with Philadelphia.

Just as free agency kicked off on Thursday, the NBA announced the salary cap is set at $123.655 million and luxury tax threshold at $150.267 million for 2022-23, and several teams and players took advantage in a frenzied spending spree.

This article originally appeared on USA TODAY: NBA free agency: A staggering $1.5 billion goes to seven players