Spurs sign Tony Parker to multi-year contract extension

The Spurs announced on Friday the signing of Tony Parker to a multi-year contract extension. Yahoo Sports reports that the three-year deal is worth $43.2 million.

The six-time All-Star and four-time champion was set to enter the final season of a four-year, $50 million contract extension that he signed in 2010. A three-year extension would carry Parker through the 2017-18 season.

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Parker, 32, averaged 16.7 points, 5.7 assists and 2.3 rebounds in 68 games for the Spurs, helping lead the team to its fifth title in franchise history. The French floor general posted a Player Efficiency Rating of 19 in 2013-14, earning 2014 All-Star and 2014 All-NBA Second Team honors. Parker, a 2001 first-round pick, has spent the entirety of his 13-year career with the Spurs.

The surprise extension adds to an offseason that has been strictly business for the champs. Franchise center Tim Duncan decided to opt in to the final year of his contract, and GM R.C. Buford then re-signed free agents Boris Diaw, Patty Mills and Matt Bonner, ensuring that San Antonio's top 12 players from last season by minutes played will return next year to mount a title defense next year. 

GALLERY: TONY PARKER OVER THE YEARS

Classic Photos of Tony Parker

Tony Parker

SIPA

Tony with his younger brothers, Terence and Pierre, his mother, Pamela Firestone, who modeled in Europe, and his father, Tony Sr., a star guard at Loyola (Chicago) from 1973 to '77 and who played professionally overseas for 15 years.

Tony Parker

Courtesy of the Parker family

Tony was born in Belgium in 1982, spent most of his childhood moving from city to city as his father joined different teams, and spent summers at his paternal grandparents home in Chicago, where he was inspired to become an NBA player by watching Michael Jordan and the Bulls.

Tony Parker

Paul Buck/AFP/Getty Images

Parker defends during a preseason game in his 2001-02 rookie season with the Spurs. The 28th overall draft pick averaged 9.2 points and 4.3 assists while appearing in 77 games.

Tony Parker

D. Clarke Evans/NBAE Getty Images

Parker quickly became a fan favorite in his rookie season with the Spurs.

Tony Parker

D. Clarke Evans/NBAE Getty Images

Parker experienced the challenge of guarding Michael Jordan in 2002. The Spurs won the game, with Jordan's 16 points being overshadowed by Parker's 21.

Tony Parker

James Nielsen/AFP/Getty Images

Yao Ming of the Houston Rockets pulls a rebound away from Parker.

Tony Parker

Andrew D. Bernstein/NBAE/Getty Images

Parker and head coach Gregg Popovich during the early stages of what has been a long and successful career together.

Tony Parker

Andy Hayt/NBAE/Getty Images

The 2002 Rookie Challenge included four international players (clockwise from left): Pau Gasol, Zelijko Rebraca, Andrei Kirilenko and Tony Parker.

Tony Parker

Mike Blake/Reuters

The Spurs, with a core of Parker, Tim Duncan and David Robinson, were eliminated by the Lakers in five games during the 2002 Western Conference semifinals.

Tony Parker

AP

Spurs fans and San Antonio businesses quickly grew fond of Parker, one of the quickest guards in the NBA. Here he gets a kiss from one of the beluga whales at SeaWorld in San Antonio, as his brother T.J. looks on.

Tony Parker

Jeff Haynes/AFP/Getty Images

Parker dives onto a courtside table while trying to grab the ball during a championship game against the New Jersey Nets.

Tony Parker

Jeff Haynes/AFP/Getty Images

The Nets' Anthony Johnson and Richard Jefferson surround Parker during Game 4 of the 2003 NBA Finals. San Antonio won the series 4-2.

Tony Parker

Jed Jacobsohn/Getty Images

Parker celebrates with the championship trophy after the Spurs defeated New Jersey in six games. It was the second championship in franchise history.

Tony Parker

Eric Gay/AP

Parker and Manu Ginobili played in their first NBA Finals in 2003, and could become four-time champions if the Spurs prevail in the 2013 Finals.

Tony Parker

Nathaniel S. Butler/NBAE via Getty Images

David Robinson (left) retired after winning the 2003 NBA Championship, leaving Parker, Duncan and Ginobili to carry on in his absence..

Tony Parker

Ron Edmonds/AP

President George W. Bush greeted the 2003 NBA champions in the Rose Garden.

Tony Parker

Paolo Cocco/AFP/Getty Images

One of the most popular athletes in his home country, Parker follows the 12th stage of the 90th Tour de France.

Tony Parker

Christophe Ena/AP

Parker winks at overall Tour de France leader Lance Armstrong after the 12th stage of the race.

Tony Parker

Doug Sehres/AP

Injured stars Duncan and Parker watch their teammates play the Miami Heat in November 2003. (The Spurs, incidentally, were fined $250,000 in December 2012 for not bringing Parker, Duncan, Ginobili and Danny Green to a game against Miami.)

Tony Parker

Jeff Zelevansky/Icon SMI

Stephon Marbury tries to get past Parker during a January 2004 game in Madison Square Garden.

Tony Parker

Mark J. Terrill/AP

Shaquille O'Neal blocks Parker during Game 3 of the 2004 Western Conference semifinals. Los Angeles went on to win the series 4-2.

Tony Parker

Icon Sport/WireImage.com

Parker, sporting his championship ring, finished the 2004-05 season with 16.6 points and 6.1 assists per game, both career highs.

Tony Parker

Brian Bahr/Getty Images

Parker misses a loose ball against the Denver Nuggets in Game 3 of the 2005 Western Conference quarterfinals. San Antonio won the series 4-1.

Tony Parker

Brian Bahr/Getty Images

Parker hangs from the rim after dunking against the Seattle SuperSonics in Game 2 of the 2005 Western Conference semifinals. San Antonio advanced in a series that lasted six games.

Tony Parker

Ronald Martinez/Getty Images

Parker and his teammates hold up the Larry O'Brien trophy after the Spurs defeated the Detroit Pistons in Game 7 of the 2005 NBA Finals.

Tony Parker

Ng Han Guan/AP

Parker waits for girlfriend Eva Longoria to board a camel during their visit to the Great Wall of China In July 2005. Parker and four other NBA players were in the Chinese capital to conduct a basketball camp.

Tony Parker

Greg Nelson/SI

Parker drives to the basket during a 2006 playoff game against the Dallas Maverics.

Tony Parker

Francois Mori/AP

Parker smiles as he stands next to a wax figure of himself at the Musee Grevin in Paris in October 2006.

Tony Parker

Robert Sullivan/AFP/Getty Images

Parker jokes with Kobe Bryant during a 2006 NBA All-Star practice. That year marked the first of Parker's five All-Star Game appearances ('06, '07, '09, '12, '13).

Tony Parker

Eugene Hoshiko/AP

Yao Ming, Parker, and Dirk Nowitzki chat during the award ceremony for the best players of the 2006 Stankovic Continental Champions Cup.

Tony Parker

Catherine Steenkeste/French Federation BB

Boris Diaw and Parker pose for a photo shoot with their French national team jerseys. Parker has played in six FIBA European Championship tournaments for France and one Olympics.

Tony Parker

Rich Pedroncelli/AP

Parker frowns after being called for a foul against the Sacramento Kings in their Western Conference playoff game.

Tony Parker

Gabriel Bouys/AFP/Getty Images

The West's Kevin Garnett and Carmelo Anthony celebrate with Parker following their victory over the East in the 2007 All-Star Game.

Tony Parker

Ross D. Franklin/AP: Matt York/AP (inset)

Steve Nash and Parker famously collided during the 2007 Western Conference semifinals, with Nash suffering a nasty gash on the bridge of his nose.

Tony Parker

Greg Nelson/SI

Parker is known for his teardrop shot, one of which he put up against the Utah Jazz during the 2007 Western Conference Finals.

Tony Parker

Lisa Blumenfeld/Getty Images

Hall of Famer Julius Erving talks with Tony Parker during the 2007 NBA Finals. The Spurs would go on to defeat the Cleveland Cavaliers in four games.

Tony Parker

Ronald Martinez/Getty Images

LeBron James and Parker exchange greetings before Game 1 of the 2007 NBA Finals.

Tony Parker

Bob Rosato/SI

Tony Parker floats a layup over the Cavaliers' LeBron James during the 2007 NBA Finals. Parker was named the Finals MVP.

Tony Parker

Greg Nelson/SI

Parker and the Spurs swept the Cleveland Cavaliers in four games, which polished off an excellent season with one of the most dominant Finals' performances in recent memory.

Tony Parker

Eric Gay/AP

Parker's ex-wife, Eva Longoria, jumps into his arms after the Spurs won the 2007 NBA Championship.

Tony Parker

Ronald Martinez/Getty Images

Parker waves to the fans during the championship parade down the San Antonio Riverwalk to celebrate the franchise's third championship.

Tony Parker

Greg Nelson/SI

SI's commemorative issue following the Spurs third championship with Parker as point guard and the fourth in franchise history.

Tony Parker

Benoit Tessier/AP

France's President Nicolas Sarkozy awards Parker the medal of Officer of the Legion of Honor, France's highest award at the Elysee Palace in Paris in 2007.

Tony Parker

Jasper Juinen/Getty Images

Parker was photographed in this shot during the FIBA Eurobasket 2007 match against Slovenia in Madrid.

Tony Parker

Lydie/SIPA

Pierre and Terence Parker, Pamela Firestone, Tony Parker and his father, Tony, pose for a photo during the presentation of the documentary on the life of Tony Parker at Publcis Champs Elysees Cinema. Paris.

Tony Parker

Franck Fife/AFP/Getty Images

Swiss tennis player Roger Federer talks with Parker prior to the kick off of the Euro 2008 Championships Group C football match between France and Italy at the Letzigrund stadium in Zurich.

Tony Parker

Jeff Vinnick/AFP/Getty Images

The 2009 version of NBA Live featured Parker on the cover. He made a visit to Electronic Arts studios in Burnaby, British Columbia, Canada, to give it a test.

Tony Parker

Eric Gay/AP

Parker is helped off the court after injuring his ankle during a 2008 game against the Miami Heat.

Tony Parker

D. Clarke Evans/NBAE via Getty Images

Parker visits with Chris Paul of the New Orleans Hornets a game in San Antonio.

Tony Parker

Matt Slocum/AP

Parker argues a call with referee Joe Forte during Game 4 of the 2008 NBA Western Conference finals against the Lakers. San Antonio captured one game in the best-of-seven series, dropping to 0-4 all time in Western Conference Finals against the Lakers.

Tony Parker

Harry How/Getty Images

Parker lays up a shot past Kobe Bryant during a January 2009 regular season game.

Tony Parker

Bahram Mark Sobhani/AP

Parker drives past Brandon Jennings for a layup during a 2009 game against the Milwaukee Bucks.

Tony Parker

David J. Phillip/AP

Parker celebrates making a basket after being fouled during a 2009 game against the Houston Rockets.

Tony Parker

Jae C. Hong/AP

Actress Eva Longoria Parker and Tony during the 2009 Screen Actors Guild Awards. The couple would divorce in 2010.

Tony Parker

Bertrand Guay/AFP/Getty Images

The Parkers watch the 2009 French Open final match between Roger Federer and Robin Soderling at Roland Garros Stadium in Paris.

Tony Parker

Matt Sayles/AP

Longoria and Parker arrive at the 2010 Primetime Emmy Awards in Los Angeles.

Tony Parker

Bill Kostroun/AP

Parker goes up between New Jersey Nets' Brook Lopez, left, and Trenton Hassell during a February game in East Rutherford, N.J.

Tony Parker

Greg Nelson/SI

Parker guards Portland's Steve Blake during a 2009 regular season game in San Antonio.

Tony Parker

Ronald Martinez/Getty Images

Spike Lee shares his wisdom with Parker during All-Star Weekend in Phoenix in February 2009.

Tony Parker

Layne Murdoch/NBAE via Getty Images

Parker looks to drive against the New Orleans Hornets.

Tony Parker

David Zalubowski/AP

San Antonio Spurs head coach Gregg Popovich confers with Parker during a game against the Denver Nuggets.

Tony Parker

Greg Nelson/SI

Parker runs into the Lakers' Pau Gasol during a 2010 game in San Antonio.

Tony Parker

Eric Gay/AP

Parker has been adept at using Tim Duncan screens to break down opponents. Here they do so against Juwan Howard and the Heat.

Eric Gay/AP

Parker and Spurs fans celebrate after he scored during the final seconds of Game 3 against the Dallas Mavericks in a 2010 first-round playoff matchup. San Antonio won the series 4-2.

Tony Parker

Ronald Martinez/Getty Images

Parker draws a foul by Phoenix's Amar'e Stoudemire during Game 3 of the Western Conference semifinals in 2010. The Spurs were swept in the series.

Tony Parker

Charles Rex Arbogast/AP

Parker waits for Chicago Bulls guard Derrick Rose to pass by during a February 2011 regular season game in Chicago.

Tony Parker

Jean Francois Molliere/DPPI/Icon

Parker poses for a 2011 photo shoot.

Tony Parker

Joe Murphy/NBAE via Getty Images

Parker and the Spurs try to stay focused against the Memphis Grizzlies in Game 4 of the Western Conference quarterfinals in 2011. Memphis prevailed as the Spurs became the fourth No. 1 seed in history to lose to an eight-seed.

Tony Parker

Mark Ralston/AFP/Getty Images

Parker listens to Brazilian referee Cristiano Maranho during a Group A match against the United States at the London Olympics. There was concern Parker might miss the Games after he suffered an eye injury while a bystander in a bar fight involving entertainers Chris Brown and Drake.

Tony Parker

Christian Petersen/Getty Images

Kobe Bryant drives against Parker during their game on Day 2 of the London 2012 Olympic Games. The U.S. went on to win the gold again; France lost to France in a quarterfinal.

Tony Parker

Brian Babineau/NBAE via Getty Images

Parker goes to the basket against the Celtics' Paul Pierce during a November regular season game. The Spurs would go on to finish 58-24, the second-best record in the West.

Tony Parker

Bruce Bennett/Getty Images

Pablo Prigioni of the Knicks collides with Parker during a game at Madison Square Garden in January.

Tony Parker

Rocky Widner/NBAE via Getty Images

Parker shoots against the Golden State Warriors in Game 3 of the Western Conference semifinals in Oakland.

Tony Parker

Andrew D. Bernstein/NBAE via Getty Images

Parker arrives at Oracle Arena in Oakland to play against the Golden State Warriors in Game 6 of the Western Conference semifinals.

Tony Parker

Jesse D. Garrabrant/Getty Images

Spurs legend and NBA Hall of Famer George Gervin was on hand to congratulate Parker after the Spurs eliminated Memphis and advanced to the NBA Finals.

Tony Parker

Greg Nelson/SI

Parker hit this game-sealing bank shot with five seconds left in Game 1 of the NBA Finals. The Spurs won 92-88.

The San Antonio Express-News reported this week that Parker, who dealt with minor injuries last season, will skip the 2014 FIBA World Cup as a gesture of goodwill to the Spurs and coach Gregg Popovich.

"I think for all those years, being with San Antonio, [Popovich] has always been great with me and the national team," Parker said, according to the paper. "I felt like this was a summer I can give back to the Spurs."

GRADE: A

No team turns potentially complex negotiations into simple, by-the-book agreements quite like the Spurs. Because of Parker's recent injury issues, his advancing age, and his modest per-game stats (due to a smaller minutes role than most star players), there existed a possibility that player and team would have significantly different perceptions of his value.

After all, Parker would rightfully view himself as a perennial All-Star, one of the best players at his position, and the face of the Spurs franchise once Tim Duncan retires. Add up those factors and Parker would be within his right to desire a long-term, max contract, the type of deal he could only get by playing out his current contract and becoming an unrestricted free agent next summer. By contrast, a harsh read from San Antonio's perspective might view Parker as a player who is a few years past his statistical prime, who owes some of his success to the Spurs' unique and effective systems, and who was unable to stay healthy during closeout games against the Blazers and Thunder during the 2014 playoffs. A cutthroat approach like that wouldn't have placed the Spurs in the vicinity of a max offer.

Here, the compromise came through an early agreement: Parker took the maximum money allowed on an early extension, even though that amount was significantly less than the max available to him if he had waited until next summer. By agreeing early, Parker no longer needs to worry that ongoing injury concerns might slice into his value, and the Spurs get positional certainty as they chase a second straight title and prepare for the post-Duncan era. As long as Parker's play doesn't unexpectedly fall off a cliff, he should be able to live up to this deal through to its conclusion. Even if age does catch up in the final year of the deal, when Parker will be 36, it's hard to imagine anyone will be complaining too loudly after witnessing such a decorated career spent entirely in a Spurs uniform.