Charlotte already placed a big bet on Brandon Miller when they traded away LaMelo Ball this summer. Now they have put their money down on that bet.

Miller and the Hornets have agreed to a five-year, $209 million rookie contract extension, a story broken by Shams Charania of ESPN.

This is big money from Charlotte — it’s more than the Pistons gave All-NBA center Jalen Duren (five years, $200 million) and $1 million more over five years than the Rockets gave All-Defensive team member Amen Thompson. It is the second-largest rookie extension given out this offseason, trailing only the Spurs’ Victor Wembanyama.

It’s money well spent if Miller can become a cornerstone of a competitive Charlotte team in future years. Miller, the No. 2 pick in the 2023 NBA Draft, is capable of being that guy: A three-level scorer who averaged 20.2 points, 4.9 rebounds and 3.3 assists per game, while shooting 38.3% from 3-point range last season. He is also an improved and respectable defender.

If Miller, 23, is going to live up to this contract, he needs to be more physical and put more pressure on the rim. He also needs to limit turnovers — he has a 12.5% turnover rate each of the past two seasons.

The Hornets are going to need even more from Miller to start this coming season. Second-year star Kon Knueppel missed all of the preseason with a hamstring issue, while new point guard Coby White has also missed time with a calf strain. No official word yet on either player’s status for the Hornets’ season opener against the Nets, but even if one or both play, they will have to be eased into the rotation for a stretch.