The Denver Nuggets and Ty Lawson have agreed to a contract extension. The contract extension is worth $48 million over 4 years, according to Adrian Wojnarowski of Yahoo! Sports. Lawson and the Nuggets had until Wednesday to agree to a contract extension, otherwise, the point guard would have been a restricted free agent next season.

Last season was Lawson's first season as a full-time starter, moving into that role during the 10-11 after the Nuggets trade with the Knicks that sent Carmelo Anthony and Chauncey Billups to New York. Lawson has thrived since being put in charge of Denver's fast-paced offensive attack. The point guard averaged 16.4 points and 6.6 assists per game with over one steal per start. Lawson also took and made more free throw shots than he had previously, shooting 3.5 free throws per game and sinking 82.4% of them.

This signing is a big raise for Lawson, who was still playing on his rookie contract. The deal also helps Denver, as it locks up an important member of their core players.

This story originally appeared on SB Nation.com.