JULY 13TH, 2:03pm: The Pacers have officially re-signed Hill, the team announced today in a press release.
JULY 4TH, 11:49am: Hill's contract will be for five years and $40MM, reports Alex Kennedy of HoopsWorld (via Twitter).
JULY 3RD, 12:27pm: Steve Kyler of HoopsWorld (Twitter link) hears that the average annual value of Hill's deal exceeds $6MM, which would put the total value of the contract over $30MM.
JULY 2ND, 11:36am: The Pacers and George Hill have reached an agreement on a five-year contract, reports Mike Wells of the Indianpolis Star (via Twitter). The deal will keep Hill under contract with the Pacers through the 2016/17 season.
Hill, 26, was a restricted free agent this summer, so if he had signed an offer sheet with another team, the Pacers would have had the opportunity to match it. However, no team besides the Pacers could offer him five years, which may have played a part in Hill deciding to re-up in Indiana.
According to a report earlier in the year, Hill previously turned down an extension worth $6MM annually, so it will be interesting to see what his price tag is after a solid season with the Pacers. In 50 games, the 6'2" guard averaged 9.6 points, 2.9 assists, and 3.0 rebounds in 25.5 minutes per contest.