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Leslie Alexander is proud to announce the signing of another superstar to the Houston Rockets organization. “Tracy McGrady is one of the greatest players in the game today. This marks another stone in the foundation to making the Rockets one of the premier organizations in all of sports. Yao is next, and we hope to sign him to a long-term contract as soon as allowable.”

The Houston Chronicle reports that McGrady's contract extension is "worth as much as $63 million over three years that could keep him in Houston through the 2009-10 season."

"With the deal, McGrady gave up his ability to opt out after this season and will earn as much as $110 million (depending on the value of future salary caps) over six years," reports the Chronicle. McGrady stands as the NBA’s reigning two-time scoring champion, as he averaged a league-leading 28.0 points with Orlando last season. The 6-8, 210-pound guard became the third-youngest player in NBA history to claim multiple scoring titles, trailing only Wilt Chamberlain and Bob McAdoo. The 25-year-old McGrady stands as one of nine players in NBA history to win consecutive scoring crowns. The four-time All-Star also averaged 6.0 rebounds, a career-high-tying 5.5 assists and 1.39 steals last year to earn All-NBA Second Team honors. He set a career high with a Magic franchise-record and NBA individual season-high 62 points vs. Washington last Mar. 10.

Over his NBA career, McGrady has averaged 21.4 points, 6.4 rebounds, 4.1 assists, 1.32 steals and 1.17 blocks in 487 games with Toronto and Orlando. In the last four years, he earned selection to the All-NBA First Team twice and All-NBA Second Team twice. He also became the second-youngest player in NBA history to reach 10,000 career points, trailing only Kobe Bryant. In 18 career playoff games, McGrady has averaged 29.4 points, 6.6 rebounds, 5.4 assists, 1.44 steals and 1.17 blocks with Toronto and Orlando, including 32.0 points per game with the Magic.

McGrady entered the NBA at age 18 with Toronto, averaging 11.1 points in 192 games with the Raptors. In his fourth season, McGrady joined the Magic, for whom he averaged a franchise-record 28.1 points in 295 games. In 2001, McGrady received the NBA's Most Improved Player award and All-NBA Second Team honors by averaging 26.8 points, marking the highest scoring average in NBA history for a player 21 years or younger. McGrady earned his first of consecutive All-NBA First Team selections in 2002 after finishing fourth in the league with 25.6 points per game and averaging a career-high 7.9 rebounds, 5.3 rebounds and 1.57 steals. In 2003, McGrady led the NBA with a career-high 32.1 points per game for his first of consecutive scoring titles with Orlando, earning All-NBA First Team recognition and becoming the youngest NBA player to average 30 points since McAdoo during the 1974-75 season.