NEW ORLEANS — The New Orleans Pelicans are signing guard Jose Alvarado to a four-year, $6.5 million deal, according to NBA Insider Shams Charania.
Alvarado originally signed a two-way contract with the Pelicans after he went undrafted in the 2021 NBA Draft. He has played in 47 games this season and is averaging 6.1 points and almost three assists per game.
The 23-year-old rookie guard has become a fan favorite as his playing time has increased.
“He’s confident in games night in and night out,” Pelicans leading scorer Brandon Ingram said. "He makes a difference for our team.”
Charania tweeted that Alvarado will get $3.4M guaranteed over the next two years, including $1.5M for the rest of this season on top of the $800K he’s made so far.
He has scored in double figures 10 times since Jan. 20, including a season high of 23 points on Saturday night against San Antonio. He also has had multiple steals in 13 games, with as many as six in a game, which ties for a team-high.
His penchant for getting steals earned him the nickname “Grand Theft Alvarado” on Georgia Tech radio broadcasts, and that has carried over to New Orleans.
The Pelicans (32-43), who play on Wednesday at Portland, entered Monday's action holding the ninth seed — and the first of two play-in spots — in the Western Conference. The Los Angeles Lakers (31-43) and the San Antonio Spurs (30-44) trail close behind.
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The Associated Press contributed to this report.