Suns Sign Grayson Allen To Four-Year, $70MM Extension

APRIL 16: Allen’s contract extension is official, the Suns announced today in a press release.

“Grayson embodies our values and we are committed to him being a key member of our core as we continue to build together into the future,” Suns president of basketball operations James Jones said in a statement. “He has been outstanding for us this season, leading the league in three-point shooting while providing a versatile skillset and competitive spirit on both ends of the floor. Phoenix has become a home for Grayson and his family, and we are thrilled that they want to be part of this community and our winning culture for years to come.”

“I love being in Phoenix and believe in what we can achieve here,” Allen added in a statement of his own. “Thank you to Mat Ishbia and the organization for embracing me. I’m excited to make a long-term commitment to remain in this community and continue building with this team.”

APRIL 15: Grayson Allen has agreed to a four-year, $70MM extension with the Suns, according to Adrian Wojnarowski of ESPN. The deal, which includes a player option for the final season, was confirmed to Wojnarowski by Allen’s agents, Mitch Nathan, Aaron Mintz and Steven Heumann of CAA Basketball.

Allen has thrived in his first year in Phoenix, becoming the NBA’s leader in three-point shooting percentage this season at 46.1%. He also reached career highs by averaging 13.4 points, 3.9 rebounds, 3.1 assists and 33.5 minutes per game while making 73 starts.

Wojnarowski notes that the new contract will continue to escalate the Suns’ tax bill, which has exploded since Mat Ishbia bought the team midway through last season. Allen will make $15.6MM next season, pushing the team’s projected payroll to $206MM. That will result in an estimated $104MM in luxury tax payments, which would be the highest figure in the league.

Phoenix is currently projected to exceed the second apron by $16MM in 2024/25, Woj adds, triggering the most severe restrictions under the new Collective Bargaining Agreement. The Suns won’t be permitted to send out cash in trades, aggregate contracts or make use of a preexisting trade exception. They also won’t be able to trade their 2032 first-round pick if they finish next season above the second apron.

Allen had been headed for unrestricted free agency this summer, so the agreement locks up an important part of the Suns’ offense for at least three more seasons. With Phoenix already well above the salary cap, the team would have faced few options for replacing Allen if he had signed elsewhere.

The 28-year-old guard had bounced around the league since being selected by Utah with the 21st pick in the 2018 draft. The Suns were his fourth team in six years when they acquired him last summer as part of the three-team deal that sent Damian Lillard to Milwaukee. Allen had been a starter for the Bucks the past two seasons, but he was able to fully unlock his game on a Phoenix team where he’s surrounded by elite scorers in Kevin Durant, Devin Booker and Bradley Beal.

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