John Wall's Wizards extension reportedly for five years, $80 million

The Wizards are going all-in on building their team around John Wall. (Jim McIsaac/Getty Images)

The Washington Wizards announced a five-year contract extension for guard John Wall on Wednesday.

The team did not release terms of the new contract, but Michael Lee of the Washington Post reported via Twitter that Wall is getting a maximum deal worth approximately $80 million over five years. Sam Amick of USA Today also reported the same terms. Marc Stein of ESPN first reported the Wizards and Wall were discussing those terms last week.

MAHONEY: Is John Wall worth a max extension?

Wall, the first overall pick of the 2010 draft, has averaged 16.9 points, 8.0 assists, 4.4 rebounds and 1.5 steals in 184 NBA games. According to the Wizards, Wall's three-year totals place him in a prestigious group of guards -- Oscar Robertson, Magic Johnson and Chris Paul -- as the only four NBA players to average at least 16 points, eight assists and four rebounds per game in their careers. He's also the fastest player (134 games) in NBA history to reach 2,200 points, 1,000 assists, 600 rebounds, 200 steals and 90 blocks (since steals and blocks became official stats) and is the fastest active player to reach 900 career assists (111 games).

Wizards general manager Ernie Grunwald and owner Ted Leonsis praised Wall's work and discussed the continuation of their plan to make the 22-year-old the franchise's cornerstone. From the Wizards' website:

“Since drafting John with the first overall pick, we have been impressed with his maturation, hard work and commitment to our franchise,” said Monumental Sports and Entertainment Founder, Chairman, Majority Owner and CEO Ted Leonsis. “He is the cornerstone of our team, and we have clearly expressed our desire to build around him well before making it official by re-signing him today. We are extremely confident in his leadership abilities and are excited to see the continued improvement of the team.”

“John’s talent, ability and athleticism are unquestioned, but he is also a special player in terms of his will to win, unselfishness and ability to make his teammates better,” said Grunfeld. “The impact he has in all of those areas was evident last season and we look forward to both him and the team reaching new levels of success together.”

Wall promised to live up to his new contract. From the Wizards' website:

“I am both proud and humbled by the belief that the Wizards organization, the fans and my teammates have shown in me since I arrived here three years ago,” said Wall. “I can promise all of them that I will repay that belief by representing the city of Washington and doing everything I can to get this team back where it belongs.”