Hornets announce extension for Michael Kidd-Gilchrist

The Charlotte Hornets have signed Michael Kidd-Gilchrist to a contract extension, the team announced Wednesday.

Kidd-Gilchrist, who would have become a restricted free agent next summer if an extension wasn't worked out by Nov. 2, reportedly agreed to a four-year, $52-million deal that will keep him in Charlotte through the 2019-2020 season.

The fourth year of the contract is a player option, according to a report from Rick Bonnell of the Charlotte Observer, which would allow Kidd-Gilchrist to hit the market as an unrestricted free agent at age 25 in 2018.

The 21-year-old has immense value to the Hornets on the defensive end, where they've performed far better with him than without in all three of his seasons. He's also working on his jumper, which stands as his most limiting attribute.

Related: Hornets smart to lock up Kidd-Gilchrist ahead of breakout season

The Hornets invested the 2012 No. 2 overall pick in Kidd-Gilchrist and supported him with a marketing campaign ahead of Defensive Player of the Year voting last season. With the organization investing further in their defensive linchpin, general manager Rich Cho released the following statement:

Michael is a huge part of what we are trying to build here in Charlotte. He has dedicated himself to improving and expanding his game. Michael continues to develop on both ends of the court and has become a key piece of our team. We are thrilled that he is a Charlotte Hornet.

While Kidd-Gilchrist's numbers remain modest - he averaged 10.9 points and 7.6 rebounds last season - and he's missed 47 games over the past two seasons, the Hornets have locked him up ahead of potential free agency with the salary cap skyrocketing.