JULY 19TH, 11:01am: The Rockets have officially signed Williams, the team announced today in a press release.
JULY 10TH, 8:34pm: The second year of Williams' deal isn't a team option, but is instead non-guaranteed, according to Jonathan Feigen of the Houston Chronicle. The first year is only 50% guaranteed, Feigen adds (Twitter link).
6:20pm: The Rockets have landed another outside shooter, agreeing to terms with Reggie Williams on a two-year pact worth the minimum salary, tweets Marc Stein of ESPN.com. The second year will be a team option, Stein says.
Williams, a four-year veteran, has seen his numbers decline each season after a rookie year in which he notched 15.2 points per game in a 24-game stint with the Warriors. He put up only 3.7 PPG this past season with the Bobcats, and shot just 30.6% from behind the arc, well off his mark of 42.3% from three-point range in 2010/11. He's still a 37.1% shooter for his career, and the Rockets will hope that he regains his touch to give defenses another long-range threat to worry about.
The Interperformances agency client will take a significant paycut from the $2,612,500 he earned in 2012/13. The four-year veteran's minimum will be $947,907 this coming season. Houston will likely use the minimum-salary exception, so his signing won't affect the team's pursuit of other free agents.