Sources: Rockets' Smith to sign $122M extension

Houston Rockets forward Jabari Smith Jr. intends to sign a five-year, $122 million rookie contract extension, sources told ESPN.

Rockets officials and Smith's agent, Wallace Prather of LIFT Sports Management, negotiated the fully guaranteed deal through the 2030-31 season. The Rockets have held significant belief in Smith, the No. 3 pick in the 2022 NBA draft, and the sides quickly worked toward a deal this offseason.

Smith was part of a young Rockets core that blossomed into a force this past season, helping Houston to the No. 2 seed in the Western Conference and its first postseason appearance in five years.

Smith, 22, averaged 12.2 points and 7.0 rebounds during a campaign that was disrupted by a broken left hand in January. Smith has struggled to find consistency with his 3-point shot, but he flashed his potential in the playoffs by canning 45.5% of his looks from distance.

He is the only player from the 2022 draft class to have accumulated 2,500 points and 1,500 rebounds so far, according to ESPN Research.

The agreement is the latest in a busy early offseason for Houston, highlighted by the blockbuster acquisition of Kevin Durant. As the Rockets negotiated the Durant trade, the franchise continually rebuffed requests from the Suns to include Smith, making clear that Smith was part of Houston's long-term core, sources said.

The Rockets also have agreed to deals to retain Fred VanVleet, Jae'Sean Tate, Aaron Holiday and Jeff Green and have provided extensions to Steven Adams and coach Ime Udoka over the past two weeks.