Michael Jordan had already solidified himself as an NBA legend by 1995, but he had never been paid like one. He knew this himself and made it known in an interview that he expected to make closer to what he was actually worth once his current contract ended. Jordan was set to make $3.8 million during the 1995-96 season but intended to cash in soon.
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Jordan always planned to extend his tenure with the Chicago Bulls, but he also stressed that Jerry Reinsdorf needed to put his money where his mouth was. MJ had been an NBA icon for a decade and knew how important he was to both the city and the league. He also knew how difficult it would be to put a price on his actual value.
Jordan wasn’t too worried about his impending free agency, though, as he had faith that his owner would come through for him. “I hope to [stay in Chicago],” MJ told Cheryl-Rae Stout. “I put trust in Jerry [Reinsdorf] as he’s put trust in me for many years of my contract. I’ve always honored it; I’ve never really bickered about what I made.”
The legendary guard had high expectations for his next deal, despite knowing he would never make what he actually deserved. “I know I can never make what I’m justly due, but I think some consideration should always be made about what a person’s value is to this city and to this team and find ways of trying to get close to it, if not reaching it,” Jordan continued.
“I think he will,” MJ said of the Bulls’ longtime owner. “I don’t have any doubts to think that he wouldn’t.” His faith paid off, as MJ was generously given the two biggest single-season contracts in NBA history at the time. Making $30 million in 1996 and $33 million in 1997, Jordan’s annual salary was nearly $60 million when adjusted for inflation.
Jordan got the deal that he sought, but that doesn’t mean Reinsdorf happily gifted it to him. The 89-year-old shared that he didn’t have much confidence in his decision after agreeing to the massive extensions.
Jerry Reinsdorf thought he would regret massive MJ contracts
Michael Jordan had proven himself in every way by the time his big extension came around, but Jerry Reinsdorf still didn’t believe the basketball icon was worth that amount of cash. Most would have no problem giving everything they had to convince Jordan to play for their franchise, but Reinsdorf had a bad feeling about the deal.
“Michael is bitter at Jerry,” a Bulls employee explained to Roland Lazenby, “because when Jerry agreed to pay him the $30 million, Jerry told Michael that he would regret it. Michael stood in the training room one day the next fall and told all his teammates, ‘You know what really pissed me off? Jerry said, “You know what, Michael? I’m gonna live to regret this.”‘”
Considering Jordan was able to lead Chicago to two more championships while making over $30 million, the risk paid off for Reinsdorf. Had he not shelled out the money to his franchise star, MJ might have finished his prime elsewhere.
