The Oklahoma City Thunder can put all their worries to rest after reigning MVP Russell Westbrook signed a five-year, $205 million contract extension, keeping him with the team through 2022-23. The contract that Westbrook signed was a Designated Player Veteran Extension, allowing him to sign for 35 percent of the salary cap and five additional seasons. The provisions of the new deal will kick in starting in the 2018-19 season. Westbrook delayed the signing of the deal, putting his status with the Thunder in question.

According to Adrian Wojnarowski of ESPN, Westbrook’s agent, Thad Foucher of Wasserman Media Group, and general manager Sam Presti finalized the deal before it was finally signed by Westbrook, who will receive the biggest guaranteed contract in NBA history -- six seasons and $233 million.

Included in the $233 million is the $28 million for Westbrook’s 2017-18 salary. His 2018-19 salary, the first year of the extension, will net him $35.3 million.

Thunder ‘fortunate’ to sign Westbrook

In a statement, Presti officially announced Westbrook’s signing, saying they are “extremely fortunate to have an athlete, competitor and person such as Russell wear the Thunder uniform.” Presti thanked Westbrook and his family and the Thunder ownership for supporting the front office’s vision for the franchise. Westbrook, for his part, said he was “so honored" to continue his career with the Thunder.

Westbrook added that he looks forward to bringing everything he’s got while playing in front of the best fans in the world, Last season, Westbrook averaged a triple-double of 31.6 points, 10.7 rebounds and 10.4 assists to win the regular-season MVP trophy.

Even with the departure of Kevin Durant, Westbrook almost single-handedly carried the Thunder to the playoffs but they lost to the Houston Rockets in the first round.

The Thunder deal was the second huge contract that Westbrook signed this month. Earlier, he signed a 10-year contract extension with Nike's Jordan Brand. According to Nick DePaula of ESPN, the deal will make Westbrook the highest-paid endorser in the brand's history.

No financial terms of the extension have been announced but it was described as “the most lucrative total endorsement deal for a Jordan athlete to date.”

Paul George next to sign?

The signing of Westbrook to a long-term deal is key to convince teammate Paul George to remain with the Thunder. George is set to become an unrestricted free agent in 2018 and could join the Los Angeles Lakers next summer. However, the Thunder could change George’s mind if they can show that Westbrook will be in for the long haul. The addition of Carmelo Anthony could also help convince George to stay with the squad.