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BREAKING NEWS: Jameer Nelson Reaches Extension Agreement with Orlando Magic

John Denton of Florida Today has broken the news that Jameer Nelson has agreed to a five-year contract extension to stay with the Magic. The monetary amount of the deal is not known at this time, but the Magic were rumored to be offering $30 million. When polled on the subject yesterday, 40% of 3QC readers described that offer to be generous, 53% described it as fair, and 6% described it as unfair.

Otis Smith is apparently convinced that Jameer is the point guard of the future. He will team with Dwight Howard and Rashard Lewis -- and, hopefully, Trevor Ariza -- to form the Magic's core of players for seasons to come.

UPDATE: Tim Povtak and Brian Schmitz say the deal is for five years and $35 million, with the option of Jameer to opt-out after the fourth year.

Be sure to check out my recent statistical analysis of Carlos Arroyo and Jameer Nelson.