MARCH 28: The Pelicans have officially announced Alvarado’s new deal, issuing a press release to confirm the move. The team terminated Wallace’s 10-day contract early, as expected, in order to make room on the 15-man roster for Alvarado.
Alvarado’s new contract will include a fourth-year team option, tweets Andrew Lopez of ESPN. That will give the Pelicans the opportunity to turn down that option and make Alvarado a restricted free agent in 2024, if they so choose.
MARCH 27: The Pelicans are converting guard Jose Alvarado from his two-way contract, signing him to a four-year, $6.5MM deal, according to Shams Charania of The Athletic (Twitter link).
The agreement will guarantee Alvarado $3.4MM over the next two years, including $1.5MM on top of the $800K he has already earned this season, according to Charania.
Those numbers appear slightly high if the deal is only worth $6.5MM in total, but it sounds like the rookie guard will at least get two fully guaranteed years followed by two minimum-salary seasons that aren’t fully guaranteed.
Alvarado, 23, signed a two-way deal with New Orleans after going unselected in last year’s draft following four collegiate seasons at Georgia Tech. He has played a key role in the team’s backcourt this season, averaging 6.2 points, 2.8 assists and 1.3 steals in 15.3 minutes per contest entering Sunday. He has also shot 43.5% from the floor and 31.6% from behind-the-arc.
By converting Alvarado, the Pelicans will open up a two-way contract spot. The team owns the 10th-best record in the Western Conference at 31-43, leading the Spurs by one game. Promoting Alvarado to the 15-man roster also makes him eligible to play in the postseason, including the play-in game(s).
New Orleans will dip into its mid-level exception in order to ensure Alvarado makes more than the minimum salary this season and to give him four years. The team had only used $1.7MM of its $9.5MM mid-level in 2021/22 in order to sign Herbert Jones.
The Pelicans currently have a full 15-man roster, but 15th man Tyrone Wallace is on a 10-day contract that only runs through Wednesday, so he’ll likely have that deal terminated a couple days early in order to accommodate Alvarado’s promotion.
If Jose had been getting pt all season he’d be a lock for All-Rookie team. All 3 of NO’s rookies been playing well lately (especially Trey tonight), but Jose & Herb have sorta been the heart & soul of this team & it’s extremely rare for rookies to have that type of role
Absolute steal of a contract.
Rookie contracts usually are
About time, Alvarado has been one of the best rookies of the season, better than Suggs for example!
Go Boricua!
Great player, greater hair. Look forward to seeing what he can do
Great pose in the picture
I think he should send a gift basket to the Bulls, as they made him look like a hall if famer.
1.3 steals in 15 mpg is rare air
Alvarado the Rican Mahcus Smahht?
Waiting for his lob counterpart from
GA Tech to get the call up in
Dallas