11:54pm: The team has sent out a press release confirming the deal.
"Jrue is both an outstanding player and an important part of our future," owner Josh Harris said. "We are very excited to keep a player of Jrue's caliber in Philadelphia and truly look forward to further building the 76ers legacy around his leadership."
11:13pm: The Sixers and Jrue Holiday have agreed to an extension, reports Marc Stein of ESPN.com (Twitter link). Stein reports the deal is worth four years and $41MM, but Sam Amick of USA Today hears that incentives could bring the deal to $46MM (Twitter links).The extension appeared to be a 50-50 proposition earlier today, when Holiday was reportedly seeking $12-13MM annually, so it appears the team got him to make some concessions.
The deal was reached with seven minutes to spare before the 11pm Central deadline for rookie-scale extensions, tweets TNT's David Aldridge. It comes on the heels of extensions for fellow point guards Ty Lawson and Stephen Curry, and his could be the least lucrative of the three depending on whether he reaches the incentives. The Sixers will likely have about $45.5MM on the books for 2013/14, meaning a new max deal for Andrew Bynum would put them over the cap at about $63.5MM, giving them fairly limited flexibility next summer.
Luke Adams of Hoops Rumors predicted an offer worth $40MM over four years back in August, but said he wouldn't have been surprised if Holiday declined that offer and played out the season to show off for suitors in restricted free agency. The 22-year-old UCLA product saw his numbers decline virtually across the board last season, including a dip from 6.5 assists per game to 4.5 in less than two fewer minutes per contest. Still, his scoring per 36 minutes has increased with each season in the league, just as his turnovers per 36 minutes have gone down.