The Pelicans and Jose Alvarado have agreed to a two-year contract extension worth $9 million, according to agent Ron Shade.
Contract Details:
Alvarado is set to earn $1,988,598 in the 2024-25 season, which marks the final year of his current minimum-salary deal. This salary was initially non-guaranteed but will now be fully guaranteed as part of this new agreement. The extension will start next July and includes a player option for the 2026-27 season.
Alvarado’s Journey:
Jose Alvarado has been with the Pelicans for three seasons after going undrafted out of Georgia Tech in 2021. He quickly became a key player for New Orleans during his rookie year, moving from a two-way contract to the main roster by the end of that season. Since then, he has remained an important part of the team’s rotation.
Performance Highlights:
In the 2023-24 season, Alvarado averaged 7.1 points, 2.3 rebounds, 2.1 assists, and 1.1 steals per game over 56 games off the bench. Known as “Grand Theft Alvarado” for his impressive steals, he had shooting percentages of .412/.377/.673 and finished sixth in Sixth Man of the Year voting last season.
Fans love how he always brings energy to every game!
Comparison and Future Prospects:
The maximum extension Alvarado could have signed would be similar to Andrew Nembhardโs deal with Indianaโover $18 million in 2025-26โbut that wouldโve been too much for him right now. The Pelicans did well by securing him at just $4.5 million per year for an additional season. If he keeps performing well, he might opt out in 2026 to seek a better deal.
Team Roster Outlook:
With this new deal, the Pelicans now have seven players on guaranteed contracts for the 2025-26 season. Jordan Hawkins is likely to join them soon when his rookie scale team option is exercised. Brandon Ingram (unrestricted) and Trey Murphy (restricted) could become free agents in 2025 if they donโt sign extensions before then.
It’s exciting to see how these moves will shape up!
