De’Aaron Fox became extension-eligible on Sunday, August 3, which means the Spurs could have already signed the star point guard to a four-year, $229 million deal. A day later, there hasn’t been news.
There’s no need to panic, fortunately. The fact that there hasn’t been a signing doesn’t mean there haven’t been negotiations or that an agreement couldn’t be reached soon. So let’s look at all the relevant information.
Do the Spurs have to extend Fox right now?
The Spurs wouldn’t lose Fox if they don’t sign him to an extension. He still has a year
left on his contract, where he’ll make $37 million during the 2025-26 season. They would then have until June 30 (the day before free agency begins) to sign him to an extension. If they don’t, then he would enter unrestricted free agency. San Antonio could also go over the cap to re-sign him in case he does enter free agency, as the franchise would have full Bird rights to Fox. In theory, there’s no rush to come to an agreement.
In practice, there are several downsides to not signing Fox to an extension. The relationship between the front office and the player could sour quickly if the 27-year-old guard heads into the season on an expiring contract after forcing his way to San Antonio from the Kings, using his leverage to help the Spurs land him without having to overpay. He could announce that he intends to enter free agency, tanking any trade talks involving him by saying he won’t re-sign with any of his suitors.
They don’t have to do it immediately, but if the Spurs want to keep Fox or trade him in the future while having leverage, extending his contract sooner rather than later is necessary.
Are there any reasons why the Spurs wouldn’t want to extend Fox?
The Spurs traded Tre Jones, Zach Collins, Cidy Sissoko, and three first-round picks for Fox, which was a good deal for a player of Fox’s caliber, but it did cost them some assets. They clearly wanted him back then, and they knew they would need to extend him. What has changed from then to now is that San Antonio moved up in the draft and selected Dylan Harper with the second overall pick. The rookie has tremendous potential and will be on a cost-controlled rookie deal. If the front office decides that Harper is their point guard going forward, they could balk at paying Fox.
San Antonio seems to want to win now, however, and relying on a rookie and a second-year player in Stephon Castle to be the main perimeter options would not be wise. Fox is the Spurs’ best scorer and ball handler by a significant margin, and keeping him happy, leading the team, and mentoring the younger guys seems like the best option for the foreseeable future. And he can always be moved later on to make room for Harper.
Can the Spurs and Fox agree to a shorter or cheaper extension?
They can agree to an extension for less money or fewer years if either side has concerns about the other and wishes to maintain flexibility or leverage, respectively.
Even a small discount like the one Mikal Bridges gave the Knicks could help San Antonio manage their cap in the future, once the roster becomes expensive. It seems like a viable outcome, with Clutchpoints’ Brett Siegel suggesting it’s a likely scenario. Convincing Fox to leave significant money on the table to help the front office build the team, however, would require a high level of trust, especially after the team selected a point guard in the draft. Don’t expect it to happen.
Fox could also push to sign for fewer years and with a player option to have more control over his career. On a long-term deal, the Spurs could trade him anywhere they wanted and he wouldn’t have many tools to prevent them from taking the best offer instead of sending him to his preferred landing spot. Going for a shorter contract, however, could be risky, as an untimely injury or a cold market in free agency could really hurt his earning potential.
What’s the most likely scenario?
Fox will likely sign an extension with the Spurs for the max or close to it. The team valued him in the past trade deadline, and while his first run in San Antonio was limited by thumb injury that required surgery to fix, he’s a former All-Star who would be the team’s best perimeter scorer in years. Harper has a bright future ahead, but he’s a rookie. Castle might slot better at the wing if his outside shot improves. If those younger guys look ready to run the offense in a year or two, the front office could move Fox then.
As for Fox, it would be smart for him to lock down as much money as possible now instead of choosing to enter free agency next summer, with the uncertainty that would entail. He also clearly wanted to play in San Antonio and next to Victor Wembanyama. Things have changed since the selection of Harper, but Fox should be penciled in as the starter going forward. And while he might be the one shipped out if the logjam at guard becomes a problem, that would be a good problem for the Spurs.
It might take a while to get pen to paper, but in all likelihood, the Spurs and Fox will come to an agreement eventually.
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