Jeremy Lamb, Hornets Agree to Contract Extension

Jeremy Lamb and the Charlotte Hornets have agreed on a contract extension ahead of Monday's midnight deadline.

The Hornets confirmed the deal but declined to disclose terms, per team policy. However, earlier in the day, Rick Bonnell of the Charlotte Observer confirmed a report by ESPN's Marc Stein suggesting that the two sides had agreed to a three-year, $21 million extension.

An average annual value around $7 million would have sounded preposterous for a player of Lamb's stature a few years ago, but with the NBA salary cap set to boom next summer, getting the 23-year-old under team control before he potentially breaks out is a savvy move.

Oklahoma City acquired him from the Houston Rockets in the James Harden blockbuster trade after Lamb was selected 12th overall in the 2012 NBA draft, but he never looked like a lottery talent during his three-year stint with the Thunder.

The UConn product averaged a career-high 8.5 points and shot 35.6 percent from deep in 19.7 minutes a night during the 2013-14 season, and at that point, he appeared to have a future in the Oklahoma City rotation.

However, he was limited to 47 appearances last season before OKC shipped him to the Hornets in the offseason for Luke Ridnour and a conditional second-round draft pick.

The Hornets desperately need dynamic floor-spacers on the wing, so inking Lamb to a relatively short-term deal at this stage is a low-risk, high-reward proposition.