The Rockets and second round pick Isaiah Canaan have agreed to a three-year contract with the third year being a team option, according to agent Reggie Brown (Twitter link and story via Fox Houston's Mark Berman). Canaan was said to be drawing first round interest in June's draft, but dropped to No. 34 where the Rockets jumped on him.
Canaan averaged 21.8 points and 4.3 assists per game as a senior at Murray State. He figures to be ready to score at the NBA level, and should be an offensive asset off the bench for the new-look Rockets sooner rather than later. If the rumors that the team is shopping Jeremy Lin prove true, Canaan could be thrust into a significant role on a team with title aspirations.