The contract is worth the maximum that could be offered - $97.1 million. It also includes a 15 per cent trade kicker. The deal could grow to more than $110 million with a rise in the salary cap, reports DPA.
The Lakers own the second-best record in the league behind Eastern Conference leaders the Milwaukee Bucks and were already assured of a spot in the playoffs -- which were due to start in April.
Titled "A Celebration of Life," the Monday ceremony was held at Staples Center, Kobe Bryant's home arena throughout most of his illustrious career.
Kobe Bryant finished his playing career as the Lakers' all-time leading points scorer, and is fourth on the NBA's all-time list with 33,643 points.
Bryant, an 18-time NBA All-Star in his first year of eligibility, is considered a certainty to join the ranks of the sport's immortals by being enshrined at the honor shrine in Springfield.
A memorial service for Kobe Bryant and Gianna is planned February 24 at the Staples Center in downtown Los Angeles which can hold 20,000 people.
LeBron James gave a heartfelt speech before the start of the NBA match between Los Angeles Lakers and Portland Trail Blazers in California.
Friday's match marks the first Lakers game since Kobe and Gianna's deaths, which shocked the sports world and humanity at large.
Hours after the death news of Kobe Bryant broke out, LeBron James, who currently plays for Byrant's former NBA team Los Angeles Lakers, was seen in tears.
