Smith Jr. missed 22 games with a fractured left hand but finished the year averaging 12.2 points, 7.0 rebounds, and 1.1 assists per game in 57 games (39 starts).
The 2022-2023 All-Rookie Team selection is staying in Space City for another five years once ink is put to paper.
Houston has been making a lot of moves since their season ended.
Other contract extensions for the team included centre Steven Adams (three years, $39 million) and head coach Ime Udoka, which made him "one of the highest paid coaches in the league" (amount hasn't been disclosed).
Houston has also retained a lot of their own players, including Fred VanVleet (two years, $50 million), Jae'Sean Tate (three years, $20.6 million), Aaron Holiday (one year), and Jeff Green (contract details TBA).
After finishing with the second-best record (52-30) in the Western Conference this past season, the Rockets ultimately lost in the first round of the 2025 NBA Playoffs to the Golden State Warriors.
Now, they look to make a run at an NBA Championship, a feat they haven't accomplished since 1995.