SUNDAY, 7:11pm: The pact is for 3 years and approximately $30MM according to Yahoo Sports' Marc Spears on Twitter. Spears credits his colleague Johnny Ludden for the report.
WEDNESDAY, 1:53pm: The Spurs officially announced in a press release that they have re-signed Duncan.
TUESDAY, 12:39pm: The contract also includes a no-trade clause, tweets Spears.
12:21pm: Duncan's three-year deal is fully guaranteed and includes a third-year player option, tweets Marc J. Spears of Yahoo! Sports.
10:51am: Tim Duncan will re-sign with the Spurs on a three-year deal when the moratorium ends, according to Johnny Ludden of Yahoo! Sports. Duncan and the team are finalizing a few details, but have agreed to the structure of the contract, says Ludden.
That Duncan will return to San Antonio isn't surprising — the two-time MVP said himself earlier this year that he was a "Spur for life" and that he wasn't going anywhere. What's a little surprising is the length of the contract. There was some speculation that the 36-year-old Duncan would consider retirement this summer, so three more years is an unexpected commitment.
We're still waiting for the salary details of Duncan's agreement, but Ludden suggests the contract will be in the same neighborhood of Kevin Garnett's three-year, $34MM agreement with the Celtics. The Spurs have also committed to new deals with Danny Green and Boris Diaw in the last couple days, so it seems the core of the team that was eliminated in the Western Conference Finals this season will remain mostly intact.