Jackson, who is 23 years old, earned $250,000 last season and won the National Basketball Association's rookie of the year award.
Jackson will earn $1.2 million this season, down from the $2,165,000 he was scheduled to earn.
Forbes estimated Jackson, who owns a stake in the company, earned $100 million from the deal after taxes.
As a ballplayer, Jackson never earned more than $8,000 in a season.
Jackson will earn the rookie maximum, $55,000, on the scale set by the collective bargaining agreement.
According to sources familiar with the agreement, Jackson will earn about $500,000 over the two seasons.
In 1997, Jackson earned money from photographs of his son, Prince Michael.
Jackson reportedly earned $7.5 million for each of the two concerts, which is over $150,000 per minute.
After he gets published, Jackson becomes the program's class valedictorian and earns early parole.
Jackson earned writing credits on all but two tracks on the album.