Pelicans Extend Jose Alvarado's Contract with a 2-year, $9 million Deal

New Orleans Pelicans guard Jose Alvarado has reached a new deal, securing a two-year contract extension valued at $9 million, according to a source familiar with the negotiations.

The contract includes a player option for the 2026-27 season, said the person, who spoke to The Associated Press on condition of anonymity because the agreement has not been announced.

The deal, first reported by the Times-Picayune, comes as Alvarado — a 6-foot, high-energy reserve who went undrafted out of Georgia Tech in 2021 — was entering his final season under contract.

During three NBA seasons, Alvarado has developed a reputation as a heady defender with a penchant for sneaking up on ball-handlers to make back-court steals. He was known for similar exploits in college, earning the nickname “Grand Theft Alvarado,” and he was named the ACC Defensive Player of the Year in 2021.

In 171 games with New Orleans, he has averaged 7.5 points, 2.7 assists and 1.2 steals in 18.5 minutes per game.

A New York native with Puerto Rican ancestry, Alvarado also has played for Puerto Rico’s national team, including at the 2024 Paris Olympics.

This season, Alvarado will be among the primary backups for newly acquired point guard Dejounte Murray.

Pelicans training camp opens in Nashville, Tennessee, on Tuesday after players report for a preseason media event in New Orleans on Monday.