July 12, 1996 - On this day, Michael Jordan signed the richest one-year contract in NBA history. He agreed to a $30 million deal for the 1996-97 season with the Chicago Bulls. He rewarded the franchise by delivering its fifth league championship.
Jordan would go on to exceed his previous signing agreeing to a $33 million one-year deal the very next season. He also proved his worth by winning a sixth NBA title for the Chicago Bulls.