by Marcel Mutoni

No major surprises here: CP3 and the Hornets have agreed to a three-year extension for the wunderkind point God.

The deal is estimated at $68 million, which will push Paul’s yearly salary starting in 2009-10 to more than $20 million per season, Under NBA rules, Paul cannot sign the deal until July 9.

“The deal is done,” said [agent Lance Young], who declined to go into more specifics regarding the deal.

As the article notes, this is a similar deal to the one LeBron famously signed two years ago. Smart business move on Paul’s part; the summer of 2011 should be quite an eventful one.