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Andray Blatche signs three-year contract extension

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Michael Lee breaks some pretty big news here on the Wizards deciding to give Andray Blatche a three-year extension that ke.  No word yet on the terms, which obviously will dictate how I feel about this.

More to come:

UPDATE: The Wizards just made it official.  Still no word on terms.  

UPDATE: Lee has the terms, and they're interesting.  

Basically, the Wizards will pay Blatche a little more in the final two years of his contract, then add three more years at a lower cap figure.  Here's how it works.

Blatche, who signed a five-year deal worth $15 million in the summer of 2007, was slated to earn $3.26 million this season and $3.52 million next season. But the deal is structured in a complicated manner that allows the Wizards to give him a slight salary boost this season and next season, using some of their available salary cap space. So, this basically works out to being a five-year contract with Blatche is expected to earn more than $30 million between now and the end of this deal.    

Getting Andray Blatche for what basically amounts to the value of the mid-level exception?  Wow.  That's a flippin' steal, regardless of the new CBA.  The fact that they've restructured it to lower the cap hit in the post-CBA years makes it even better.  Ernie Grunfeld and his team deserve major kudos for this one.  

UPDATE: Some quick thoughts on SB Nation D.C.  I noted how this is similar to what Ernie did with Brendan Haywood in 2004 and Caron Butler in 2005.  Both of those moves worked out great.

UPDATE: Lee confirms it's a five-year, $35 million extension, with incentives that could push it a bit more.  Ultimately, that's an additional three years and $28 million to his existing contract, albeit now all spread out differently over the five years.  Still seems more than fair.