Suns announce re-signing of Eric Bledsoe to 5-year deal worth a reported $70M

Eric Bledsoe is officially back with the Phoenix Suns.

On Wednesday, the team announced that they have come to an agreement with Bledsoe on a five-year contract, a deal that is reportedly worth $70 million and does not contain any team or player options, or a trade kicker. It is said to start at $13 million, with annual raises of $500,000, topping out at $15 million in 2018-19.

Bledsoe said the following in the team's statement:

Lon (Babby), Ryan (McDonough) and the Suns have shown confidence in me, and I am looking to take that responsibility and help our team get better from last year and position ourselves to win an NBA championship. It’s why I came back to Phoenix. All summer, I knew that I really would be most comfortable coming back to Phoenix because of the great fans, my Suns teammates and our coaches. I am very happy it was able to work out this way.

As explained in the post below, the deal represents a risk on the part of the Suns and can be considered a victory for Bledsoe's camp after a summer-long game of chicken. The Suns may have been concerned about losing Bledsoe for nothing next summer as an unrestricted free agent if a deal couldn't be reached, a situation made worse with Goran Dragic also an unrestricted free agent next summer.

As it stands, though, Bledsoe and Dragic will reunite, with Isaiah Thomas mixed in to perhaps the league's best backcourt rotation.

The Suns acquired Bledsoe from the Los Angeles Clippers in a three-team trade last summer, surrendering Jared Dudley and a second-round pick in the process. In a 2013-14 season shortened by a torn meniscus, Bledsoe averaged 17.7 points, 4.7 rebounds, 5.5 assists and 1.6 steals in 43 games, helping Phoenix to a surprisingly successful season.