JULY 17: The Rockets have made it official, formally announcing in a press release that they’ve re-signed House. Head of basketball operations Daryl Morey welcomed House back on Tuesday night (via Twitter).
The deal represents a victory for House, who turned down a guaranteed three-year, minimum-salary offer from the team when he was on a two-way contract. House reached his 45-day allotment and spent several weeks in the G League before having his deal converted to a standard NBA contract in mid-March.
The 26-year-old was placed on waivers twice this year before blossoming with the Rockets midway through the season. He appeared in 39 games, starting 13, and averaged 9.4 PPG while shooting 42% from 3-point range.
Houston is well over the cap and only holds Non-Bird rights on House, so it will have to use part of its exception to sign him.
David Weiner of Clutch Fans (Twitter link) estimates a first-year salary for House of $3.524MM, which would leave the Rockets with $2.194MM remaining if they use the taxpayer mid-level exception or $5.734MM if they opt for the non-taxpayer MLE. The team is close enough to the tax line that either option is feasible.