Smith, a former newspaper beat reporter who rose to fame by pioneering the art of the sports debate show, has agreed with ESPN on a new five-year, $100 million contract, a person familiar with the matter confirmed to CNBC. The deal was first reported by The Athletic .

Stephen A. Smith is one of the most powerful sports commentators in the world. His influence, pointed comments, and knowledge of the NBA and other sports has helped him build up his wealth.

Smith will continue to star on ESPN’s morning show “First Take,” while continuing to host his YouTube show and flirt with politics.

The sports world is still reacting to the viral confrontation between LeBron James and Stephen A. Smith. James went up to Smith during the Los Angeles Lakers' game against the New York Knicks and asked the longtime ESPN personality to refrain from mentioning his son Bronny.

Stephen A. Smith officially agreed to a five-year contract extension worth over $100 million with ESPN on Thursday. The deal bumps the 57-year-old's annual salary from $12 million to $20 million, and keeps him as the face of First Take while freeing up the rest of his schedule to " talk even more about politics ."

Stephen A. Smith has officially signed a five-year, $100 million contract extension with ESPN, solidifying his role as the face of “First Take” while also gaining greater flexibility to expand his presence beyond sports.

Not yet ready to launch a political campaign in earnest, Stephen A. Smith will stick with ESPN for the next five years. The Athletic reports Smith and ESPN have agreed on a new contract “worth at least $100 million.