BLOG UPDATE (3:15 P.M.): I've been informed that the figure on Petrie's salary for this season was a bit off, as he is making approximately $4 million.
If you didn't know any better on Tuesday afternoon, you'd almost think it was 1998 all over again.
There was talk of Kings championships and bright futures and proclamations of "In Petrie we trust" from the team's owners who were so forlorn not long ago. Kings basketball president Geoff Petrie sat between Joe and Gavin Maloof at the Riverside Clubhouse and discussed how exciting these next three years could be and how satisfied all involved are that he'll be a part of it.
As we reported yesterday, Petrie took a hefty pay cut in this contract. He is earning approximately $4 million this season and just signed an extension that peaks at $1.5 million in the third year with the first year starting around $1.2 million.
But as Gavin Maloof pointed out, it's not all about money when you're 61 and have already accomplished - and earned - so much. Petrie wanted to be here, and it sounds as if the mutual admiration society remained throughout the negotiation process.
"We feel it was a good deal for Geoff and it was a good deal for us," Gavin told me afterwards. "It's a fair deal for Geoff and a fair deal for us. We've got the best GM in the game for another three years. We're very happy about that, elated.
"I think Geoff's excited to be with an organization that he loves. It's a wonderful environment. He wanted to be here and we wanted him here, so whatever the money is has some significance but not really. As you get on in life, you want to be around people that you enjoy being around. That's just as important as the money. He loves this organization. He has built it. There is a lot of pride in ownership here. I always felt he wanted to head this (turnaround).
"I think this year, what Geoff saw and what has transpired with (first-year Kings coach) Paul (Westphal) and the young group that we have. And that there's hope and that this group could win a championship someday, and they're so young and there's really something going here. It's not just talk. There's really something going. We have a great player in Tyreke Evans. I think he wanted to see it through."
Petrie wasn't the only one getting a new deal, as Wayne Cooper had 'general manager' added to his already-existent title of vice president of basketball operations (Jason Levien is the team's assistant general manager/team counsel). Petrie's son, Mike, was promoted from scout to assistant vice president of basketball operations.
"Beyond the fact that we have the same name, he has grown up around the game, he has experience and has been here the better part of 11 years, he has all the qualities that are important in my sense of what's invaluable with people in your organization," Geoff Petrie said. "He's got experience. He has a history of performing. He's loyal. He's trustworthy. And he is, at his age (33), a much better person than I was.
"He was the video coordinator for some of the best teams that we had when Rick Adelman was here, he spent four years in scouting, organizing the draft. He's just very competent."
Petrie said his son's job duties wouldn't change drastically, but he will obviously work more closely and frequently with the front-office team.
"He'll just do more things," he said. "He'll keep doing what he has been doing and get more involved in some of the daily management, work with Coop and I and the rest of our staff and the scouts. We're a team, and we're going to continue to be a team." - Sam Amick