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Report: Tim Duncan's new contract is for less than previously reported

Citing NBA executives as sources, Mike Monroe of the San Antonio Express-News reports that the new three-year deal signed by Spurs cornerstone Tim Duncan two weeks ago is for less money than previously reported.

According to Monroe, Duncan's salary in the upcoming season will be $9.65 million, with a bump to $10.4 million in 2013-14. The third year is a player option at an even $10 million, for a total of $30.05 million. (Duncan, 36, made $21.16 million this past season.)

Previous reports pegged the deal at anywhere from $34 million to $39 million. For perspective, the Celtics were lauded for signing Kevin Garnett, who is the same age as Duncan and who made $21.25 million last season, to a three-year deal worth $34 million.

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