76ers Announce Extension For Joel Embiid

PHILADELPHIA (CBS) -- The Philadelphia 76ers and Joel Embiid have agreed to a contract extension, the team officially announced on Tuesday afternoon.

The deal -- a five-year extension worth $148 million -- was first reported on Monday night by Adrian Wojnarowski.

"Since drafting Joel third overall in 2014, he has solidified himself as a pillar in this franchise and to this city," said Josh Harris, 76ers Managing General Partner. "We have all enjoyed watching the hard work he puts into his game and the commitment he has for our organization. We are excited to further build our foundation around his unique talent and leadership skills, and we look forward to the continued growth of Joel and our team."

Embiid expressed his love for Philadelphia.

"I'm so thrilled to be in this position," said Embiid. "I want to thank ownership, management, the coaches and most of all the fans, for supporting me throughout this whole process. I love this city and I'm so, so, so, so excited to be spending my next five years here and hopefully the rest of my career, God willing. Trust 'The Process.'"

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