Third-year guard Tyrese Haliburton reached an agreement with the Indiana Pacers on a maximum rookie-scale contract extension, according to ESPN's Adrian Wojnarowski.

Haliburton, the No. 12 overall pick in the 2020 NBA Draft, is due $5.8 million this coming season in the final year of his rookie contract. His extension is worth more than $200 million over five years, beginning in the 2024-25 campaign. The deal could increase to $260 million if Haliburton makes the 2024 All-NBA roster.

The 23-year-old averaged 20.7 points (49/40/87 shooting splits), 10.4 assists, 3.7 rebounds and 1.6 steals in 33.4 minutes per game over 56 appearances for the Pacers this past season, earning his first selection to the All-Star Game. Haliburton finished second to one-time NBA MVP James Harden in assists per game.

The Sacramento Kings traded Haliburton 15 months after they drafted him in 2020, netting 27-year-old All-NBA big man Domantas Sabonis in return. The deal benefited both sides, as thee Kings made the playoffs for the first time since 2006, and Haliburton is a foundational player for a rebuilding franchise in Indiana.

The Pacers also boast guards Buddy Hield, Bennedict Mathurin and Andrew Nembhard in the backcourt, and Haliburton pairs with any of them, both as a lead playmaker and an off-ball spacing threat. Center Myles Turner enjoyed the best year of his career with the offense in Haliburton's hands this past season.

Pacers president of basketball operations Kevin Pritchard indicated this contract could be coming in May, when he called Haliburton both a partner in the team-building process and a lead recruiter in free agency.

"Ty is our guy," he told reporters of the prospects of extending Haliburton, per Sports Illustrated's Tony East. "We want Ty here for as long as he wants to be here. I don't think that's going to be too complicated."

Haliburton missed 26 games this past season, primarily due to a bruised left knee and sprained left elbow from a nasty on-court fall in January. He also sprained his right ankle in March. The Pacers finished 28-28 with Haliburton in the lineup, performing 4.6 points per 100 possessions better when he was on the floor.

They now owe it to Haliburton to build a roster around him that can push the team's net rating into a positive direction and avoid a fourth straight lottery appearance. He is now paid to elevate them further.