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Chris Haynes of Yahoo Sports first reported that Paul signed a four-year, $120 million extension to stay with the Suns. Though it's a pay cut for next year, Paul will ultimately receive an additional $76 million from this new deal.

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Christian Petersen/Getty Images

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Paul and LeBron James played major roles in changing the NBA's Over-36 rule to the Over-38 rule, which allows the Suns to sign him for four years. Any other team could have only offered him a three-year deal.

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The hope for both sides is that Paul continues playing at a high level and can lead the team to its first title in franchise history. Either way, he revitalized his career and betted on himself, and now he's reaping the rewards.

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