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Exciting news for New Orleans fans as beloved backup point guard Jose Alvarado has decided to remain with the team.

The Pelicans have agreed to a two-year, $9 million extension for Alvarado — with a player option in the second year —

a story broken by Shams Charania of The Athletic

Alvarado averaged 7.1 points a game last season off the bench, shooting 37.7% from 3, and he finished sixth in Sixth Man of the Year voting. This season he will be backing up Dejounte Murray at the point (CJ McCollum likely gets a few minutes at the point as well over the course of the season).

Of course, what "Grand Theft Alvarado" is best known for is sneaky backcourt steals.

Grand Theft Alvarado got the Raptors with his signature up 41. pic.twitter.com/XpC8TQycHL

— House of Highlights (@HoHighlights) February 6, 2024

This is a good deal for the Pelicans, keeping a quality reserve point guard at a good price. It's also a big raise for Alvarado, and he can get back on the market in a couple of seasons if he wants.