The 2023 NBA Draft is one of the most anticipated drafts in history considering the prize for the lucky team will be the highly-touted Victor Wembenyama.
But while teams are bracing for Wembenyama and the other young men who could bolster their bid for an NBA title, the NBA Draft is a life-changing event for those who are selected.
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They will not only be competing in the best basketball league in the world, but they will also be making millions of dollars right away. Other than Bronny James — LeBron James’ son who has an Name Image Likeness valuation of over $6 million — the money from an NBA contract should significantly change the lives of the draftee and his family.
But just how much money do these players make?
It’s important to know that not every player drafted gets a guaranteed contract. There are two rounds in the NBA Draft with 30 selections per round, but only players selected in the first round are given a guaranteed contract.
Those contracts range in different prices based on where the player is selected. In the upcoming 2023 NBA Draft, the first overall selection will be given a $49.4 million contract over four years and $11 million in his first year, according to Spotrac. That’s more than double of the 11th pick, who will make $20.7 million over four years, and more than quadruple of the 30th and final pick of the first round who will make $11.1 million.
However, these rookies are only assured of the first two years of their deal. Teams will have the option to keep their young players under contract for both their third and fourth years.
In a world where NBA players are making up to a quarter of a billion dollars over five years, these rookies are actually making less than a lot of the NBA’s brightest stars. The average NBA salary is about $9.6 million per year, according to Gaimday. That’s more than all but the top two picks in the upcoming NBA Draft.
The rookies have to prove themselves as more than just young stars in order to get a second contract that will raise their value.
But rookies these days are making much more than those back in the day. LeBron James, who was the first overall pick in the 2003 NBA Draft, made $4 million in his first season.
The 2023 NBA Draft Lottery is set for May 16 at 8pm Eastern time, while the 2023 NBA Draft is on June 22.