Spurs Are Spending Big Now, but Can They Afford Their Future?

Victor Wembanyama and De’Aaron Fox played just five games together last season after the Spurs traded for the veteran guard in February. But as expected, San Antonio still handed Fox a max deal to serve as Wembanyama’s sidekick for the foreseeable future.

Fox agreed to a four-year, $229 million max extension with the Spurs on Monday, according to ESPN. The deal for the one-time All-Star starts in 2026 and runs through the 2029–30 season.

The deal ostensibly locks in the Spurs duo until the end of the decade, especially with Wembanyama’s extension eligible starting next offseason. He could sign a five-year deal that would run until the 2031–32 season.

However, as seen this offseason with the Celtics and Suns, a lot can change in the next few years, given the league’s two-apron salary-cap structure.

The Spurs have a bevy of young guards on the roster that could become redundant with Fox in the coming years. Stephon Castle, the reigning Rookie of the Year, will be extension-eligible in the 2027 offseason. Given his performance last year, he could command a max or close to that if he continues to progress.

In June, San Antonio selected Rutgers guard Dylan Harper with the No. 2 pick—a selection it lucked into despite just a 12.5% chance at a top-two pick in the 2025 draft. While Harper has not played a second in the NBA, the 19-year-old, who is the son of NBA legend Ron Harper, will likely still command much more than the $14 million per year his rookie deal pays.

Long-Term Questions

The Spurs are in a decent place financially for the next two seasons due to the abundance of young talent on cheap deals. Despite signing center Luke Kornet on a four-year, $41 million deal last month, they are well below the luxury tax threshold for this upcoming season.

They can also avoid the tax next year as Wembanyama’s potential extension will not yet be on the books.

The question is whether the Spurs—one of the league’s most successful franchises, though also one of its smallest markets—will be able to afford their players in about three or more seasons.

San Antonio’s moves will likely be determined by how they perform on the court over the next few years. If Fox and Wembanyama can lead the Spurs to the playoffs—or a playoff series win for the first time since 2017—then they may be satisfied with what they have at present. Otherwise, their young guards could be given the keys.

The Spurs should also monitor the situation in Milwaukee as they have the pieces to create an enticing deal for Giannis Antetokounmpo, should he become available.