Turner is owed $3.4 million for 2018-19, the final year of his rookie contract. He would have become a restricted free agent next offseason had he not signed an extension.
Keith Smith of RealGM noted the financial impact of this deal for Indiana:
Turner took a bit of a step back last season, averaging 12.7 points and 6.4 rebounds per game in 65 appearances. This came after he averaged 14.5 points and 7.3 rebounds per game as a sophomore in 2016-17 playing alongside Paul George.
The 22-year-old did rank third in the league with 1.8 blocks per game, and he also set career highs with 56 made three-pointers on 35.7 percent shooting from beyond the arc.
That versatility at 6'11" makes him a dangerous player in today's NBA and a key part of the Pacers' chances of contention in the Eastern Conference.
"Myles is amazing," All-Star Victor Oladipo said of his teammate, per J. Michael of the Indianapolis Star. "He's changed his body. You can see it. He's more confident. His head is in the right place."
With Bojan Bogdanovic, Darren Collison, Thaddeus Young and Cory Joseph all set to hit free agency in 2019, the Pacers have now locked in at least one high-upside sidekick for Oladipo beyond this coming season.