Here's how Devin Booker's record-setting contract breaks down by year

On Saturday, the Phoenix Suns announced star guard Devin Booker has signed a maximum 5-year, $158 million contract extension with the team that will keep the 21-year-old in the Valley through his 27th birthday. The contract, which is worth an average of $31.6 million per year, is the most lucrative in the 50-year history of the franchise.

Per Spotrac.com, Booker will make $3.3 million in the final year of his rookie contract with the team. His extension will kick in beginning with the 2019-20 season.

Here's a breakdown of how money will be dispersed to Booker throughout the lifetime of his new contract. (NOTE: These numbers are based on the current projected NBA salary cap per team for 2019, which is $109 million.)

2019-20 season: $27.25 million

2020-21 season: $29.43 million

2021-22 season: $31.61 million

2022-23 season: $33.79 million

2023-24 season: $35.97 million

For contrast, pitcher Zack Greinke, the richest player in Diamondbacks history, signed a 6-year, $206.5 million contract with the team before the 2016 season. Per Spotrac, will make between $34 and $35 million in each year of his deal, although $62.5 million of his salary will be deferred until 2022-26.

Booker was selected by the Suns with the 13th overall pick in the 2015 NBA Draft. He averaged 24.9 points per game last season -- the second-most in NBA history by a guard 21 years of age or younger (only Michael Jordan averaged more). Booker also averaged 4.7 assists and 4.5 rebounds last season, and he set career highs in field-goal percentage (43.2) and 3-point percentage (38.3).

Per ESPN, Booker is the third-youngest player in NBA history to record 4,000 career points; LeBron James and Kevin Durant are the only players to reach that milestone sooner. Booker is also the youngest player in NBA history to record a 60- or 70-point game when he scored 70 vs. the Celtics last season.

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