Steph Curry signs the richest contract in NBA history

Once the clock struck 12:01 AM ET on July 1, and the NBA free agency period was underway, the Golden State Warriors didn't waste any time getting Steph Curry to come to terms on a five-year, $201 million "supermax" deal, the richest contract in league history.

The "supermax," or the designated-player exception, is a recently added provision to the NBA collective bargaining agreement. It awards a select few players even higher paying contracts as long as they can check off a number of boxes, including being named to one of the three all-NBA teams in two of the previous three seasons. 

This moment is a long time coming for Curry, who has been playing for the Warriors on a discount.