Stephen Curry has agreed to a two-year, $116 million contract extension with the Golden State Warriors, keeping the franchise icon at the only NBA team he has ever played for through his 20th season.

The agreement includes a player option for the 2028-29 season and will keep Curry in Golden State beyond the expiration of his current $62.6m contract.

Curry became eligible for an extension of up to two years and $136.7m on August 29, but ultimately chose a smaller deal in exchange for greater security and increased flexibility for the Warriors.

The decision followed several weeks of discussions over the different options available to him.

Golden State had presented Curry with the possibility of signing his maximum extension, accepting a pay cut or waiting before committing to a new contract.

Curry eventually opted for the lower salary, creating more room for the franchise to make moves around him.

His salary will fall from $62.6m next season to $55.7m in 2027-28, before a $60.2m player option for 2028-29.

That reduction is projected to give Golden State around $10m more cap space next summer, potentially allowing the Warriors to be more active in free agency or the trade market.

“We’re in a very interesting situation,” Curry told ESPN earlier this week. “All the different salary cap conditions of whether I sign for a max or less or whatever it is, I want to be on a competitive team.

“I want to have an opportunity to have some flexibility because we haven’t had that in years past, the recent past. … This team should have flexibility to make necessary moves if things happen. Those are always just the considerations.

“For me, information and patience is key. It’s just a very unique situation all the way around based on where we’ve been the last four years, where I’m at in my career, what our team looks like this year and the absolute desperation to win. Trying to balance all that.”