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Portland Trail Blazers and Damian Lillard Nearing Contract Extension

The Portland Trail Blazers and Damian Lillard are nearing a five-year maximum contract extension worth over $120 million, according to ESPN.

Craig Mitchelldyer-USA TODAY Sports

The Portland Trail Blazers and Damian Lillard are zeroing in on a five-year maximum contract extension worth "in excess" of $120 million, according to a report by ESPN's Marc Stein.

Lillard, 24, was drafted 6th overall in the 2012 NBA Draft. He was the Rookie of the Year in the 2012-13 season, finished Third Team All-NBA in 2014, and made his second consecutive All-Star Game appearance in 2015. Lillard averaged 21.0 points, 6.2 assists and 4.6 rebounds per game last season.

The contract extension comes a year before Lillard would possibly hit free agency. The NBA allows for teams to negotiate contract extensions for players on rookie contracts (in this case, the 2012 draft class) until Oct. 31. The contract would not become official until July 9, 2016.

Lillard is slated to make $4.2 million in the 2015-16 season.

Update: As ESPN's Chris Broussard tweets, Lillard's maximum offer is lower than that of New Orleans superstar Anthony Davis because he has not yet met the "5th Year 30% Max" criteria.

Those criteria are:

Being Named to the All-NBA First, Second or Third team at least twice
Being Voted as a starter in the All-Star game at least twice
Being Named the NBA Most Valuable Player at least once

If Lillard is named to any All-NBA team next year (he was named to the All-NBA 3rd Team in 2013-14) or is named League MVP, he will be eligible for a contract totaling 30% of next year's salary cap. Otherwise he will earn 25% of the cap based on his years of experience.

Update: Preliminary figures are coming in now.