Embiid contract protections out. Woj and Marks article here:
http://www.espn.com/nba/story/_/id/20985023/joel-embiid-extension-protects-philadelphia-76ers-case-contractually-specific-catastrophic-injury.
The contract is apparently 35 pages. I was wrong above in that the 76ers are not protected for any catastrophic injury - they are only protected in the case of a re-occurance of certain specified injuries which I'm sure are painstakingly laid out in the contract (and which I'm sure will be fodder for good litigation attorneys if it gets that far).
So basically Embiid's extension is 5/$146.5MM which could escalate to $176MM if he is first-team All-NBA or MVP.
However, after the first year, if Embiid misses 25 or more games or plays less than 1,650 minutes due to one of the injuries in the contract, the 76ers can waive him. If that happened after the 2018-19 season, Embiid would receive $84.2 million of his full contract; after the 2019-20 season, $98.2 million; after the 2020-21 season, $113.3 million; and after the 2021-22 season, $129.4 million (approximately 55%,/65%/75%/85% of his contract, which means I was pretty close on the percentages)..
Note that if Embiid plays 1,650 regular-season minutes in three consecutive years during the extension, or three out of four including the 2017-18 season, then the protections go away.
A lot of this depends on the exact descriptions of the injuries but the 76ers got some protections (maybe less than I would have expected) but it's understandable that Embiid's negotiating team would want to limit the protections to re-occurances of past injuries.
Even though they are a rival, I hope the clauses never have to be invoked because Embiid is a true talent and great to watch, particulalry when he's not playing the Cs.