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Anthony Davis will have to settle for $120 million, give or take.

The Pelicans forward failed to make one of the three All-NBA teams announced Thursday, meaning the contract extension he signed last offseason won't qualify for the NBA's "Rose Rule," which would have made it about $24 million richer.

Guards Stephen Curry of the Warriors and Russell Westbrook of the Thunder, center DeAndre Jordan of the Clippers and forwards LeBron James of the Cavaliers and Kawhi Leonard of the Spurs were named first-team All-NBA.

Guards Chris Paul of the Clippers and Daimian Lillard of the Trail Blazers, center DeMarcus Cousins of the Kings and forwards Kevin Durant of the Thunder and Draymond Green of the Warriors made the second team.

The third team: guards Kyle Lowry of the Raptors and Klay Thompson of the Warriors, center Andre Drummond of the Pistons and forwards Paul George of the Pacers and LaMarcus Aldridge of the Spurs.

Davis received 76 votes, third-most among players who did not make any All-NBA team, including one first-team vote. That wasn't enough to qualify him for the so-called "Rose Rule."

The rule allows a player who, while playing on his four-year rookie contract, earns an MVP award or is twice voted a starter in the All-Star game or twice named to an All-NBA team to earn a salary that takes up 30 percent of his team's salary cap as opposed to 25 percent. It's nicknamed for the Chicago Bulls' Derrick Rose, the league's MVP in 2011.

Davis, a first-team All-NBA selection and an All-Star starter in 2014-15, seemed a likely candidate to qualify. But despite Davis' strong statistical 2015-16 season – he averaged 24.3 points, 10.3 rebounds and 2 blocks per game – the Pelicans dropped from 45 wins a year ago to 30, and Davis missed 21 games to injury, and he failed to make any of the three All-NBA teams. He was named an All-Star reserve this season but was not voted a starter.

That means Davis' new five-year contract will be worth an estimated $120 million as opposed to $144 million. The number will be finalized once the salary cap is set. It's expected to jump to about $92 million in 2016-17.

The total even without the Rose Rule boost is "a lot of damn money," Davis said in March. Still, he made no secret that he hoped to get the full value of the deal.

"It's a contract," Davis said. "Twenty-four million, they give that out for (entire) contracts."

Though it's a significant hit to Davis' bottom line, it allows the Pelicans more money over the five-year period to spend on building around their franchise forward.

New Orleans, which missed the playoffs this season for the fourth time in five seasons, could have close to $23 million to spend in free agency this summer and holds the No. 6 pick in the June 23 NBA Draft.