Kings, Cousins reach agreement on contract extension

The Kings have reached an agreement on a contract extension with center DeMarcus Cousins for four years worth approximately $62 million.

The most Cousins was eligible for under the collective bargaining agreement was five years and $80 million.

The contract takes effect for the 2014-15 season.

The deadline for first-round draft picks from 2010 to agree to contract extensions is Oct. 31. If the Kings had not reached an agreement, they could not sign Cousins until an agreement until after this season.

To be accurate: DeMarcus Cousins' extension with the Kings is a four year, $62 million max deal, sources tell Y! Sports. No early termination option in the Cousins agreement, league source tells Y! Sports. It's a full four-year deal, no opt-out after three.