Robert Covington and the Philadelphia 76ers are finalizing a four-year, $62 million extension.

The deal will include a $15 million renegotiation bump on Covington's $1.57 million salary this season, plus an additional four years that'll keep Covington under contract through the 2021-22 season.

The balloon payment on the 2017-18 season allows the team increased salary cap space and payroll flexibility for upcoming season.

Covington could have become an unrestricted free agent this offseason.

Covington has become one of the NBA's best three-and-D wings.