That’s his max extension offer. It includes $2.7 million in incentives.
My guess is its less than he feels he can get in free agency, and probably the Celtics feel the same way. This means that if he signs it, it should be movable if needed to acquire Beal. If he doesn’t sign it, he won’t feel insulted by the Celtics, because they’ve given him the max allowed as an extension. Cranky Marcus Smart in the 2017-2018 season was not fun to watch.