The New Orleans Pelicans and guard Jose Alvarado reached a two-year, $9 million contract extension on Saturday, as reported by The Athletic’s Shams Charania.
Alvarado, 26, had one year and $1.9 million remaining on his current deal, and the extension will keep him with the Pelicans through the 2025-26 season, with a player option for 2026-27. The extension includes a $4.5 million salary for the 2025-26 season.
According to ESPN’s Bobby Marks, Alvarado’s salary for the 2024-25 season will stay the same, but the $1.9 million club option will become guaranteed as part of the extension.
As part of the two-year $9M Jose Alvarado extension in New Orleans, sources confirm that the $2M non-guaranteed salary for this year will get guaranteed.
The extension starts at $4.5M and contains a player option in 2026-27.
— Bobby Marks (@BobbyMarks42) September 28, 2024
Alvarado, standing at 6 feet, initially signed with the Pelicans on a two-way contract in 2021 after a successful four-year career at Georgia Tech. He finished sixth in the NBA’s Sixth Man of the Year voting last season.
During the 2023-24 season, Alvarado played in 56 games off the bench, averaging 7.1 points, 2.3 rebounds, 2.1 assists, and 1.1 steals in 18.4 minutes per game. He shot 41.2% from the field, 37.7% from 3-point range, and 67.3% from the free-throw line.
Alvarado’s standout performance came in a game against the Miami Heat on March 22, 2024, where he scored a season-high 17 points on 6-of-12 shooting from the field and 4-of-7 from beyond the arc.
He missed the first 13 games of the 2023-24 season due to a right ankle sprain.
New Orleans Pelicans guard Jose Alvarado expected to back up Dejounte Murray
For the upcoming 2024-25 season, Alvarado is projected to play in the second unit behind Dejounte Murray, who was acquired by the Pelicans from the Atlanta Hawks in June.
Alvarado’s best NBA season was in his sophomore year in 2022-23, where he averaged career highs of 9.0 points, 3.0 assists, and 21.5 minutes per game in 61 appearances, including 10 starts.
Pelicans coach Willie Green commended Alvarado in March for his tenacity and defensive skills.
“With all the talent in that conference, it was him. He only knows how to play one way. That’s the beautiful part about Jose. He brings it 110% every time he steps on the floor,” Green said.
The Pelicans are aiming to secure a playoff spot for the second consecutive year, something they haven’t achieved since the 2008-09 season. They have only made it to the conference semifinals once in their 23-year history in New Orleans, last reaching it in 2017-18 against the Golden State Warriors, led by Stephen Curry and Kevin Durant.
