The Lakers announced Bryant will retire at the end of the season and will take the position of acting general manager.
The contract includes $30 million in signing bonus, a $20 million roster bonus and a $1 million performance-based compensation cap.
He will receive a $30.25 million salary cap hit in the first year.
Bryant will earn $2.8 million per year on top of his $7 million player option.
Bryant said his desire is to be the most valuable player in the NBA.
“This is an opportunity to help the game, and to be a part of the game that has helped my family,” Bryant said in a statement.
“I want to be an ambassador for the game for many, many years.
I’m excited to take this step.”
Bryant will become a free agent in 2019.
Kobe Bryant announced his retirement and will be acting GM, Los Angeles Dodgers, on Jan. 10.
Bryant is in the final year of his contract with the Lakers.