Trail Blazers officially sign Lillard to 5-year extension worth reported $125 million

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The Portland Trail Blazers may have lost one All-Star, but they've secured another for a long while.

The Blazers officially signed point guard Damian Lillard to a five-year extension on Thursday worth a reported $125 million - a deal first reportedly agreed to on July 2.

The new contract, which will take effect at the start of the 2016-17 season, will keep Lillard in Portland through 2021.

The 24-year-old's extension could become even more lucrative by the time it takes effect, as the Derrick Rose Rule allows stars who have met certain criteria to earn 30 percent of the salary cap in the first year of their post-rookie-scale extensions rather than 25 percent.

If Lillard is selected to another All-NBA team in 2015-16 or is named league MVP, he would be eligible for the super-max.

With LaMarcus Aldridge headed to San Antonio, Wesley Matthews off to Dallas, Robin Lopez signing with the New York Knicks, and Nicolas Batum shipped to Charlotte, Lillard will enter next season as the lone remaining starter from a Blazers team that won 105 games over the last two seasons.

Lillard, a Rookie of the Year Award winner, two-time All-Star, and former All-NBA selection, averaged career highs nearly across the board in 2014-15, posting 21 points, 6.2 assists, 4.6 rebounds, and 1.2 steals per game.

In three seasons with the Blazers since being selected sixth overall overall in the 2012 draft, Lillard has produced a career 43-37-86 shooting line and a player efficiency rating of 18.5.

Lillard is one of only five players - along with LeBron James, James Harden, Stephen Curry, and Russell Westbrook - to average at least 20 points, six assists, and three rebounds over the last three seasons, a feat made even more impressive by the fact they were Lillard's first three seasons in the league.