Giannis Antetokounmpo - Milwaukee Bucks v Washington Wizards
WASHINGTON, DC - Giannis Antetokounmpo (#34) of the Milwaukee Bucks passes the ball against the Washington Wizards at Capital One Arena on March 5, 2023 in Washington, DC. Patrick Smith/Getty Images

Milwaukee Bucks star Giannis Antetokounmpo surprisingly agreed to a contract extension with his team on Monday, October 23.

The two-time NBA Most Valuable Player has come to terms with the Bucks on a new three-year deal worth $186 million, according to league insider Adrian Wojnarowski of ESPN.

Antetokounmpo's existing agreement is set to run until 2024-25, with a player option for the 2025-26 season.

The fresh deal, carrying an average annual value of $62 million, will begin in 2025-26, effectively replacing the current player option in his ongoing contract.

The player option on his new agreement has been shifted to the 2027-28 NBA season.

Wojnarowski added that the new agreement allows the 2021 NBA Finals MVP to maximize his career earnings, enabled by the player option in 2027-2028.

Due to the Over-38 rule in the CBA, the seven-time All-Star has the flexibility to opt for a brief contract renewal with the Bucks in 2026, followed by the possibility of securing a four-year extension with the team in 2028.

Antetokounmpo content with Milwaukee

Last month, Antetokoumpo asserted his determination to secure another NBA championship, even if it meant leaving Milwaukee behind.

He also told The New York Times that signing an extension with Milwaukee is not guaranteed, and it depends on the Bucks' ability to contend for a championship.

Considering the team's acquisition of another superstar in Damian Lillard, the Greek star might have found the necessary commitment by Milwaukee to push for the championship.