Last Updated on May 26, 2026 by Mat Diekhake

Steve Francis’ NBA contract history reflects one of the most volatile superstar career arcs of the early 2000s. From entering the league as the No. 2 overall pick in the 1999 NBA Draft, to becoming the face of the Houston Rockets alongside Yao Ming, to being traded in the blockbuster Tracy McGrady deal and eventually bought out late in his career, Francis experienced nearly every phase of NBA contract value within less than a decade. His financial timeline includes rookie-scale earnings, a maximum-level extension, multiple franchise-altering trades, and eventually a massive buyout as injuries rapidly diminished his market value.

What makes Steve Francis contract history especially notable is how quickly his NBA standing changed. At his peak, Francis was viewed as one of the league’s premier athletic point guards and secured a six-year extension worth roughly $84 million with Houston. (ESPN) But only a few years later, injuries, declining explosiveness, and unstable team situations dramatically reduced his value. His contract history therefore captures both the financial upside of becoming a franchise player and the speed with which NBA market perception can collapse.

Steve Francis Contract Agreements (As Signed)

This table tracks each major contract event as Steve Francis and his NBA teams agreed to them at the time: rookie contracts, extensions, trades, buyouts, and final veteran deals.

Date Age Team Contract Move Reported Terms Seasons Affected Clauses / Options Detailed Notes
June 30, 1999 22 Vancouver Grizzlies Drafted No. 2 overall Draft rights acquired 1999 draft rights Refused to play for Vancouver Francis was selected second overall but immediately made it clear he did not want to play in Vancouver.
August 27, 1999 22 Houston Rockets Acquired via trade Rights traded from Vancouver 1999 onward Multi-player trade Houston acquired Francis in a major trade after his refusal to report to the Grizzlies became public.
August 1999 22 Houston Rockets Signed rookie-scale contract 4 years, approximately $14 million 1999-00 to 2002-03 Rookie-scale structure Francis entered the NBA as Houston’s new franchise point guard and quickly became co-Rookie of the Year.
August 26, 2002 25 Houston Rockets Rookie extension signed 6 years, $84 million 2003-04 onward Maximum-level extension Houston locked Francis into a long-term max-style extension after three consecutive All-Star-caliber seasons. (ESPN)
June 29, 2004 27 Orlando Magic Acquired via trade Existing extension contract absorbed 2004-05 onward Tracy McGrady blockbuster trade Francis was traded alongside Cuttino Mobley and Kelvin Cato in the massive Tracy McGrady deal. (ESPN)
February 22, 2006 29 New York Knicks Acquired via trade Existing contract absorbed 2005-06 onward Midseason trade Orlando traded Francis to New York in a deal involving Penny Hardaway and Trevor Ariza. (Los Angeles Times)
June 28, 2007 30 Portland Trail Blazers Acquired via trade Existing contract moved again 2007 offseason Zach Randolph trade Portland acquired Francis largely as salary ballast in the Zach Randolph transaction.
July 11, 2007 30 Portland Trail Blazers Contract buyout agreed Buyout on remaining $34 million structure 2007 onward Buyout settlement Portland negotiated a buyout with Francis shortly after acquiring him, allowing him to become a free agent. (ESPN)
July 20, 2007 30 Houston Rockets Signed free-agent contract 2 years, approximately $6 million 2007-08 onward Return to Houston Francis returned to the Rockets hoping to revive his career, but injuries quickly derailed the comeback attempt. (Wikipedia)
December 24, 2008 31 Memphis Grizzlies Acquired via trade Expiring contract moved to Memphis 2008-09 Salary-clearing trade Houston traded Francis to Memphis in a luxury-tax-related move. (Wikipedia)
January 27, 2009 31 Memphis Grizzlies Waived Contract terminated 2008-09 Final NBA transaction Memphis waived Francis without him appearing in a game for the franchise. (Wikipedia)

Steve Francis NBA Salaries by Season (Actual Salary Paid)

This table tracks Steve Francis’ salary by NBA season, illustrating how his earnings evolved from franchise cornerstone to injury-shortened veteran.

Season Age Salary Cumulative Career Earnings Contract Phase
1999-00 22 $3,020,040 $3,020,040 Rookie contract
2000-01 23 $3,376,920 $6,396,960 Rookie contract
2001-02 24 $3,733,800 $10,130,760 Rookie contract
2002-03 25 $5,067,000 $15,197,760 Rookie extension bridge
2003-04 26 $10,625,000 $25,822,760 Max extension
2004-05 27 $12,375,000 $38,197,760 Orlando contract
2005-06 28 $14,625,000 $52,822,760 Orlando/New York contract
2006-07 29 $16,860,000 $69,682,760 Knicks contract
2007-08 30 $2,630,000 $72,312,760 Houston return
2008-09 31 $2,930,000 $75,242,760 Final NBA contract
TOTAL Approximately $75,242,760 Approximately $75,242,760 Five NBA franchises

Analysis

Steve Francis’ contract history is best understood in three phases: franchise ascent, superstar valuation, and rapid decline. The first phase began immediately after the 1999 draft, when Francis forced his way out of Vancouver before ever playing a game for the franchise. Houston capitalized on the situation and quickly turned him into the centerpiece of its post-Hakeem Olajuwon era.

The second phase represented the peak of Francis’ value. Between 2000 and 2004, he became a three-time All-Star and one of the NBA’s most marketable guards because of his explosiveness, scoring ability, and highlight-reel athleticism. Houston rewarded that rise with a six-year, $84 million extension in 2002, cementing Francis as one of the league’s highest-paid guards at the time. (ESPN)

But the arrival of Jeff Van Gundy and the Rockets’ increasing focus on Yao Ming shifted the organization’s direction. In 2004, Houston traded Francis in the blockbuster Tracy McGrady deal, one of the defining superstar swaps of the era. (ESPN) Although Francis remained productive early in Orlando, injuries and declining athleticism gradually eroded his effectiveness.

The final phase of his contract history collapsed quickly. By the time New York traded him to Portland in 2007, Francis’ contract was viewed primarily as a financial mechanism rather than a basketball asset. Portland almost immediately negotiated a buyout on the remaining structure of his deal, ending the max-contract phase of his career. (ESPN) His short-lived return to Houston failed to revive his value because of major knee and quadriceps issues, and by 2009 his NBA career was effectively over.

What makes Francis’ financial timeline historically interesting is how sharply it mirrors the NBA’s early-2000s transition period. He entered the league as one of the faces of the new athletic point-guard era, secured franchise-player money, participated in one of the decade’s defining trades, and then declined rapidly before age-related longevity became common among star guards.

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