Negotiations for John Wall's next contract do not appear to be taking very long. The Wizards are "closing in" on giving him a five-year maximum contract, which will be worth around $80 million depending on the specifics in the salary cap next season, according to ESPN's Marc Stein.
A deal could be done as soon as August 1, according to Stein. If for some reason it's not, the Wizards have until October 31 to complete the deal, which would take effect before the 2014-15 season.
The first year of Wall's maximum contract will be worth 25 percent of the salary cap, with 7.5 million raises each season to follow. (That figure will be somewhere around $14 million for reasons described in Footnote 2 here). Wall will also be the Wizards' designated player, meaning they cannot give anyone else a five-year extension until the next CBA takes effect after 2017 and can only trade for one other player on a five-year contract until then.
Those are the specifics. Obviously, there is lots to discuss about whether Wall is actually worth the five-year max. Some would say the Wizards should play hardball and make him prove it for another year, and if he balks, at least he's a restricted free agent. It's hard to place Wall much higher than several of the point guards (Stephen Curry, Ty Lawson, Jrue Holiday, etc) that got less-than-maximum extensions last season, for example.
Others would say that a slight overpay is worth it to ensure that Wall is a part of this team's future and not grumbling about the team disrespecting him in negotiations.
Whatever happens, it's on Wall to play like he did in the second half of last year and make this conversation moot.