Magic Johnson Lakers contract: Remembering when Los Angeles legend signed 25-year deal

Magic Johnson's historic 25-year, $25 million contract with the Lakers created issues in the locker room but proved to be a bargain in the long run.

Magic Johnson wasted no time proving to the Lakers that they had made the right choice by selecting him with the No. 1 pick in the 1979 NBA Draft. In his rookie season, Johnson showcased his talent by averaging 18.0 points, 7.7 rebounds, 7.3 assists, and 2.4 steals per game. His impressive performance earned him a spot on the Western Conference All-Star team and led the Lakers to a championship with one of the most memorable NBA Finals performances in history.

Despite missing 45 games during the 1980-81 season, Johnson's value to the Lakers remained unchanged. The team saw him as a cornerstone and wanted to ensure that he would never leave for another franchise. To solidify their commitment to Johnson, the Lakers presented him with an unprecedented offer.

After being eliminated in the first round of the 1981 NBA Playoffs, the Lakers watched their rival Celtics claim the championship. Motivated to reclaim the top spot, the Lakers knew that Johnson was the key to their success. In June 1981, Lakers owner Jerry Buss announced that Johnson had signed a groundbreaking 25-year, $25 million contract. This deal, running from 1984 to 2009, was the longest and richest in sports history at the time. It was a testament to the Lakers' belief in Johnson's abilities and their desire to keep him for the long haul.

Buss also revealed that Johnson would transition into a management role after retiring from playing. He saw Johnson as a bright individual and intended to mentor him in the business aspect of sports. Buss acknowledged the unusual nature of the contract, considering Johnson had just graduated from college. However, he emphasized that Johnson was part of the Lakers family.

In a 2022 interview on "Jimmy Kimmel Live," Johnson reflected on the impact of his contract and close relationship with Buss on the team dynamic. While he acknowledged the financial benefits he received, Johnson admitted that it changed how his teammates perceived him. They began to view him as part of management rather than just a fellow player. Despite the potential challenges, Johnson recognized the significance of earning $1 million per season at the time.

Buss, on the other hand, understood that the contract would eventually be seen as a bargain. He projected that Johnson had another 10 years of playing ahead of him and believed that he would become a legendary figure in basketball. Buss saw the value in Johnson's knowledge and skills in both basketball and business, which he intended to impart to him. He justified the $1 million annual salary by comparing it to the expected future earnings of an average secretary.

As Johnson's career progressed, he realized that his true worth exceeded $1 million. After a remarkable 1986-87 season where he won the MVP award, Finals MVP trophy, and another championship, Johnson declared that he was underpaid. This revelation highlighted the impact he had on the court and his value to the Lakers organization.

When Johnson attempted a comeback before the 1992-93 season after being diagnosed with HIV, Buss rewarded him with a one-year, $14 million deal. Buss wanted to compensate his former star for the years he wasn't the NBA's highest-paid player. Although Johnson ultimately sat out that season, with a brief return in 1995-96, Buss insisted on paying him the full amount as a gesture of gratitude and appreciation.

Magic Johnson's tenure with the Lakers was marked by his exceptional skills, leadership, and the unique contract that solidified his place in the franchise's history. His impact went beyond the court, as he transitioned into a management role and became a mentor to future generations. The Lakers' decision to invest in Johnson proved to be a wise one, as his contributions to the team and the sport as a whole were immeasurable.

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