The New Orleans Pelicans have signed guard Jose Alvarado to a multi-year contract, the team announced Monday.
According to Shams Charania, it’s a four-year, $6.5 million deal; he gets $3.4M guaranteed over next two years, including $1.5M for rest of this season.
The 6-0 guard has appeared in 47 games (one start) for the Pelicans this season, averaging 6.1 points, 1.8 rebounds, 2.7 assists and 1.3 steals in 15.3 minutes per contest.
Alvarado, who was undrafted in 2021, leads all rookies in assist/turnover ratio (3.88), steal/turnover ratio (1.79), and plus/minus (+163) while ranking second among all rookies with 1.3 steals per game.
Over his four-year career at Georgia Tech, Alvarado appeared in 106 career games (104 starts), averaging 13.5 points, 3.6 rebounds, 3.6 assists, and 2.1 steals in 34.9 minutes played.
In a related move, the Pelicans have released Tyrone Wallace, who signed a second 10-day contract with the team on March 21, 2022. In six games with the Pelicans, averaging 2.8 points and 1.3 rebounds in 12.5 minutes per contest.