The Milwaukee Bucks wasted no time signing 2005 first overall draft pick Andrew Bogut to a contract, getting matters out of the way on Friday.

According to Charles Gardner of the Milwaukee Journal Sentinel the 7-foot-1 native of Australia, who was drafted No. 1 overall by the Milwaukee Bucks, agreed to a five-year deal worth about $26 million Friday, according to Bogut's agent, David Bauman.

The exact salary numbers will not be known until the National Basketball Association's new collective bargaining agreement is final.

But it is expected that Bogut will be paid $4.2 million in his rookie season and $4.55 million in his second year. Under the new rules in the labor deal, only the first two years of rookie contracts are guaranteed.

The third-year salary should be $4.85 million, according to figures provided by Bauman, and the fourth-year team option is $6 million. The fifth-year qualifying offer is 30% higher than the fourth year, or $7.8 million.

Bogut, as he had declared to the Australian media proceeding the draft, plans on using much of his new found money to reach out to those less fortunate in Australia, Croatia, Utah and Milwaukee.

"I think it's good to give back," Bogut said. "You know, I'm going to make a lot of money in my life, and I don't need it all.

"Quite honestly, it's a lot of money for anybody, and I don't think one person deserves that much money in their life. If I can give back to people who have nothing, especially youths who might be stuck in crime or drugs, maybe putting a basketball in their hands will get them out of that."