Last Updated on December 26, 2024 by Mathew Diekhake

Here’s a breakdown of Michael Jordan’s contract history during his legendary NBA career:

1. Rookie Contract with Chicago Bulls (1984–1988)

  • Draft Year: 1984 (3rd overall pick)
  • Contract Value: 5 years, $6.3 million
  • Details:
    • Signed a standard rookie contract at the time, averaging about $1.26 million annually.
    • Jordan quickly outperformed this deal, winning Rookie of the Year (1985) and establishing himself as one of the league’s biggest stars.

2. Second Contract with Chicago Bulls (1988–1996)

  • Contract Value: 8 years, $25.7 million
  • Details:
    • Signed in 1988, this contract averaged about $3.2 million per year.
    • This deal was seen as team-friendly, especially as Jordan led the Bulls to three consecutive NBA championships from 1991 to 1993.
    • Jordan retired briefly in 1993, but the contract remained intact when he returned in 1995.

3. Record-Breaking One-Year Deals with Chicago Bulls (1996–1998)

  • 1996-97 Season: $30.14 million
  • 1997-98 Season: $33.14 million
  • Details:
    • After his second three-peat and immense global popularity, Jordan negotiated two one-year deals that shattered NBA salary records.
    • His $33.14 million salary in 1997-98 was the highest in NBA history at the time and remained unmatched for years.

4. Contracts with Washington Wizards (2001–2003)

  • Contract Value: 2 years, $2.03 million total
  • Details:
    • After retiring for a second time in 1999, Jordan returned to play for the Washington Wizards in 2001.
    • He signed modest veteran-minimum deals (around $1 million per year), as his focus was on rebuilding the Wizards and philanthropy.
    • Jordan donated his Wizards salary to relief efforts following the September 11 attacks.

Career Earnings Overview (Playing Contracts Only):

  • Total Career Earnings: Approximately $93.8 million from NBA contracts.
  • Despite his relatively modest NBA earnings by today’s standards, Jordan became the first billionaire athlete, thanks to his endorsements (most notably Nike) and business ventures.

Key Financial Impact:

Michael Jordan’s contracts, especially his record-breaking deals in the late 1990s, set the stage for future superstars to negotiate higher salaries as the league’s revenue grew.