Anthony Davis officially signed his new contract with the New Orleans Pelicans as soon as the moratorium was lifted.
Davis signed the deal in Hong Kong.
"Words cannot describe the excitement of the New Orleans Pelicans to have Anthony Davis as the cornerstone of our organization," said Pelicans General Manager Dell Demps. "Anthony is a great person, a phenomenal player and the ideal representative of his family, the Pelicans and the New Orleans community.
"We are thrilled to have Anthony commit to the Pelicans as we continue to build our team to have sustained success."
The exact figures of the deal will be determined once Davis is either voted onto the All-Star team as a starter or is an All-NBA selection, as well as when the official cap number for 16-17 is set. Either way, it will be the richest contract in NBA history.
"I am very excited to continue to play for the Pelicans and remain a proud resident of the City of New Orleans," stated Davis. "I want to thank Mr. and Mrs. Benson, Dell Demps, Coach Gentry, the entire Pelicans' organization, my agent Thad Foucher, my family and, of course, all of the incredible fans for their unwavering support. I look forward to many great years together."