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Garnett has $35 million coming after his retirement

Chuck - Red's Army October 25, 2011 Uncategorized Comments Off

NBA.com's Steve Aschburner has the scoop on Kevin Garnett's post-retirement paydays.

After Kevin Garnett was cited — with Boston teammate Paul Pierce and the Lakers' Kobe Bryant — as one of the players sent in by the union to turn down the owners on a 50-50 deal back on Oct. 4, the Celtics' veteran star took heat for his financial security. In 16 NBA seasons, Garnett has made more than $300 million (including endorsements), so he's not exactly living check to check.

Some felt that Garnett — with a $21.2 million salary for 2011-12 at the end of what will be his last mega-contract — was putting his mouth where his money was. Others felt that, considering the deferred money due him, the 7-footer wasn't exactly at risk of bagging groceries in his 40s.

In fact, Garnett's self-funded pension (apart from his NBPA one) will be pretty plush. Two sources told NBA.com that the Celtics forward will still have $35 million coming after he retires. He'll be due $5 million annually for seven years, the result of deferred salary Garnett and agent Andy Miller got in each of his last two contract extensions. Whatever portion is due from this season might be affected by games lost to the lockout, but it's not as if Garnett's financial spigot gets turned off next spring.

Deferred salary is a great way to protect a player from… himself.

But KG would have to be the king-of-all-idiots to blow thru $300 million and actually need this money.

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