Pelicans, Alvarado agree to 2-year, $9M extension

The New Orleans Pelicans signed guard Jose Alvarado to a two-year, $9-million contract extension, his agent told The Athletic's Shams Charania.

The extension includes a player option for the 2026-27 season, Charania adds.

Further, Alvarado's $2-million non-guaranteed salary for this upcoming season will become guaranteed as part of this extension, reports ESPN's Bobby Marks.

Alvarado, 26, was an undrafted free agent in 2021 and found a home in New Orleans on a two-way contract. Known for his tenacious on-ball defense, Alvarado averaged 7.1 points, 1.1 steals, and 2.1 assists in 2023-24, finishing sixth in Sixth Man of the Year voting as a result of his stellar play,

The Georgia Tech product will continue to receive backup point guard minutes after the Pelicans acquired former All-Star Dejounte Murray from the Atlanta Hawks during the offseason.