When can contracts covering 5 or 6 seasons be extended?

The correct choice indicates that contracts covering 5 or 6 seasons can be extended on the third "season" anniversary of being signed. This timing is significant because the NBA Collective Bargaining Agreement (CBA) stipulates that a player can negotiate an extension after completing the third year of their contract, which typically corresponds to the third anniversary of the signing season.

This timeframe allows teams and players to evaluate performance and fit before committing to an extended contract. An extension at this point ensures that both parties can assess the potential for future success and the player’s contribution to the team, while also considering the financial implications within the salary cap structure.

The other options reflect misunderstandings of the CBA rules regarding contract extensions. While player birthdays and playoff conclusions are pivotal moments, they do not align with the specific regulation that governs contract extension eligibility.