Pelicans, Davis agree to 5-year extension worth a reported $145M

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The New Orleans Pelicans and All-Star Anthony Davis agreed to a five-year, $145-million contract extension at the stroke of midnight Wednesday, according to Yahoo Sports' Adrian Wojnarowski.

Davis confirmed the deal via Twitter moments later, sending out a photo with new Pelicans head coach Alvin Gentry.

Davis's rookie contract still includes the 2015-16 season at $7.1 million, and his extension won't take effect until 2016-17.

The exact salary figures won't be known until the 2016-17 salary cap is set, as Davis's first-year salary is determined as a percentage of the cap. Based on current estimates - which include the Pelicans using the Derrick Rose Rule to give Davis 30 percent of their cap instead of 25 percent - Davis would stand to make roughly $25.2 million in 2016-17.

Although Davis had little recourse to leave New Orleans, since he would have been a restricted free agent next summer, getting pen to paper now behooves both parties. Davis also managed to negotiate himself a player option for the fifth season, which would allow him to re-enter free agency in 2020 at age 27.

A singularly talented and dominant two-way force, Davis averaged 24.4 points, 10.2 rebounds, 2.2 assists, 1.5 steals, and a league-high 2.9 blocks while posting a league-best 30.8 player efficiency rating last season.

In what should be terrifying news for the rest of the Western Conference, Gentry will likely push the tempo and make even better and more creative use of Davis's otherworldly abilities.

One of the best players in the league staying in New Orleans until at least 2020 is cause for major celebration in Louisiana, as if the folks on Bourbon Street needed a reason.