PHILADELPHIA (CBS/AP) — Ben Simmons is the latest player to get a long-term commitment from the Philadelphia 76ers. CBS3 has confirmed that the All-Star point guard and the 76ers agreed on a $170 million, five-year extension.

The two sides began negotiations on the extension on July 1.

Simmons will make about $8.1 million this season, the last of his four-year rookie deal. His salary for the 2020-21 season will jump to about $29.3 million and eventually rise to nearly $39 million in 2024-25.

Simmons was the No. 1 overall pick in the 2016 draft and wound up making his NBA debut in the 2017-18 season, earning Rookie of the Year honors. He was an All-Star for the first time last season, and has averaged 16.4 points, 8.5 rebounds and 7.9 assists in his two on-court seasons.

Philadelphia is 101-58 in regular-season games when Simmons plays. He’s had 22 triple-doubles in the last two seasons, tied for third-most in the league with Denver’s Nikola Jokic and trailing only Oklahoma City’s Russell Westbrook (59) and the Los Angeles Lakers’ LeBron James (26).

Simmons also has 80 double-doubles over the last two seasons.

It’s already been an offseason of big financial commitments for Philadelphia, which signed Tobias Harris to a $180 million, five-year deal and add Al Horford on a four-year deal that could reach $109 million.

(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)