Right after being drafted by the Los Angeles Lakers, Magic Johnson became the sensation to watch out for on the West Coast. He hit the ground running with an NBA Championship and a Finals MVP in his rookie season, something that was unprecedented and has never been repeated again. However, the NBA was in a different financial condition back then. As a result, Magic had signed a contract at that time that might not make any sense to more modern fans. In 1981, Johnson signed an unbelievable 25-year, $25,000,000 deal that was set to kick in 1984 and last till 2009.
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Shaquille O’Neal, who has built a massive $400 million fortune over the years, was a big-money guy himself. He recently shared a post detailing Johnson’s incredible contract on his Instagram handle. O’Neal has signed some lucrative deals in his career himself. He signed a seven-year, $121,000,00 deal with the Los Angeles Lakers in 1996, the richest in NBA history at the time.
Magic Johnson signed the most bizarre contract in NBA history
In 1981, the Lakers had to watch their rival Boston Celtics win the Championship, and were in dire need of a hero. Trusting the prodigy that his organization had drafted, Lakers owner Jerry Buss offered Johnson the biggest and the richest contract at that time. Johnson signed a 25-year, $25 million contract extension with the Lakers in 1981.
The historic deal seemed like a good bargain for Magic at the time because he grew up poor. Buss had a keen eye for bright stars on the court. Right after the first season, he fell in love with Johnson’s wizardry on the court and wanted to keep him with the Lakers for years to come. He wanted to financially secure Magic’s future despite knowing the contract would cause a strain in their relationship a few years later as salaries increase. Speaking on the contract, Buss said:
“Magic is a bright kid and I plan to make him my protege, teach him the business aspect of sports. I realize this is a very unusual contract because we’re talking about a kid whose college class just graduated. But what it comes down to is that Magic is part of the family.”
Meanwhile, Shaq shared a post that questioned the legality of the contract, with the caption saying, “How was this even legal?” To answer the question, since Johnson was being paid under the NBA salary cap, the contract was, in fact, legal. However, Johnson later felt that he was being underpaid. The tenure of the deal also seemed to be unethical to many. When Magic tried to make a comeback in the 1992-93 season, after his HIV diagnosis, Buss offered him a $14.6 million contract.
Magic predicted Kobe and Shaq were going to be the next dynasty for the Lakers
Johnson, during his five Championship, took the NBA to new heights. The Showtime Lakers became the symbol of basketball greatness and glamor. The Lakers were the most popular team in the NBA. After winning the title in 1988, the Lakers won their next Championship in 2000, defeating the Indiana Pacers in the Finals.
Magic also joined Shaq and Kobe in the celebration. While posing for the camera, Johnson said that the star duo were going to build another dynasty. “Get a look at the dynasty, this the next one,” said Johnson. Bryant won five championships with the Lakers, including a three-peat with Shaq from 2000 to 2002.
