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The Pelicans signed Alvarado to a two-year, $9 million contract extension with a player option for 2026-27 on Saturday, Shams Charania of The Athletic reports.
Alvarado has played the first three years of his career in New Orleans and is now set to remain with the team for at least two more seasons. In 2023-24, he averaged 7.1 points, 2.3 rebounds, 2.1 assists and 1.1 steals in 18.4 minutes across 56 regular-season appearances. Alvarado is slated to be the Pelicans' backup point guard to Dejounte Murray this season.
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