It was previously thought that Kobe would take a substantial pay cut in order to free up significant space for the Lakers to bring in a couple top-tier free agents. The full terms of the deal haven't been released but the extension is for between $40 and $50 million so $20-$25 million a year.
"This is a very happy day for Lakers fans and for the Lakers organization," General Manager Mitch Kupchak said Monday in a statement. "We’ve said all along that our priority and hope was to have Kobe finish his career as a Laker, and this should ensure that that happens."
Bryant was eligible for an extension starting at $32 million.
The Bulls just lost Derrick Rose for the season after coming back after an 18 month layoff, and now the Lakers have signed Bryant although he hasn't played in an actual game since injuring his Achilles.
Bryant (@kobebryant) November 25, 2013