Evangelista, who has played 10 seasons with the Hotdogs, continues to show his wares for the team up to 2005, getting the maximum pay of P350,000 a month.
In the current Purefoods lineup, only Alvin Patrimonio has spent more years playing for the team in a colorful pro career dating back to 1988.
"Si Alvin (Patrimonio) at si Rey (Evangelista) sa Purefoods nagsimula at sa Purefoods din matatapos ang playing career. Lahat expendable sa team except doon sa dalawa," said Purefoods coach Ryan Gregorio.
Chris Cantonjos, Richard Yee, Ronald Magtulis will become free agents at the end of the year. But Purefoods team manager Rene Pardo said the fate of these players will be decided only after the draft on Jan. 16.
Also getting early contract-extension were Lordy Tugade, Junthy Valenzuela and Cyrus Baguio with Red Bull Barako.
The three were signed to two-year contracts with slight increases from their previous pacts, according to team manager Tony Chua.
"Tinapos na kaagad namin para wala na silang iniisip-isip sa Christmas," said Chua.
The management is now under negotiation with star guard Willie Miller.
Tugade received offers from other teams but opted to stay with the Thunder, according to his player-agent Ed Ponceja. — Nelson Beltran