BREAKING: Luka Dončić has signed a three-year, $165 million contract extension with the Lakers, @TheSteinLine has learned. The deal contains a player option for Year 3. Dončić worked out at the team facility this AM then inked the new deal on the first day he's eligible for it. pic.twitter.com/OpzBLt1Veq

Before signing the extension, Doncic had a player option for the 2026-27 season and could have hit free agency next summer.

Luka Doncic will be with the LA Lakers for quite some time after agreeing to a three-year, $165 million contract extension. Here is what to know.