The Los Angeles Lakers are signing Luka Dončić to a long-term extension, the team announced on Saturday. It's a three-year, $165 million contract extension, with a player option in 2028, according to multiple reports.

The Lakers had a late-season surge upon Dončić's arrival and ended up earning the No. 3 seed in the playoffs, but they failed to meet the lofty expectations set for them heading into the postseason. Los Angeles fell to the Minnesota Timberwolves in five games in the first round.