Grayson Allen Signs Four-Year, $70 Million Contract Extension With Suns

Grayson Allen signed a four-year, $70 million contract extension with the Phoenix Suns that includes a player option, his agents Mitch Nathan, Aaron Mintz, and Steven Heumann of CAA Sports announced Monday.

The deal keeps Allen out of unrestricted free agency this summer and rewards him after averaging career-high numbers with the Suns. His 3-point percentage (46.1%) led the NBA this season.

Per multiple NBA betting sites, the Suns hold ninth-shortest odds to win the championship. Sportsbooks are showing better odds for the Denver Nuggets, Los Angeles Clippers, and Oklahoma City Thunder.

Phoenix Suns guard Grayson Allen has agreed on a four-year $70 million contract extension with a player option, Mitch Nathan, Aaron Mintz and Steven Heumann of @CAA_Basketball tell ESPN. pic.twitter.com/RWX8VVsxGR

— Adrian Wojnarowski (@wojespn) April 15, 2024

However, Allen’s signing comes with tremendous luxury tax implications for Phoenix owner Mat Ishbia. The Suns could’ve replaced the sixth-year guard with minimum contract free agents. Although, his re-signing was pivotal in keeping the team’s core intact.

According to ESPN’s Bobby Marks, Allen’s $15.6 million salary in the first year of the new deal will cost the Suns $79 million in payroll and tax. This means Ishbia’s projected 2024-25 payroll will increase to $206 million, with an additional $104 million in luxury tax. It will be the highest in the league.

Additionally, Allen is in the final season of the two-year, $20 million contract he signed with the Milwaukee Bucks in October 2021. His current deal includes $2.55 million in total incentives. He’s making $8.5 million this season with Phoenix.

Phoenix Suns guard Grayson Allen led NBA in 3-point percentage, hit eight 3s in seven games this season

In 75 games (74 starts) this season, Allen averaged career highs of 13.5 points, 3.9 rebounds, 3.0 assists, and 33.5 minutes per game. The Duke product shot career bests of 49.9% from the floor and 46.1% from deep as well.

The 6-foot-4 guard finished fifth in effective field goal percentage (64.9%) and 21st in 3-pointers (205). Plus, he ranked second in true shooting percentage (67.9%) and seventh in offensive rating (129.9).

Furthermore, Allen made eight 3-pointers in seven games this season — the most in such games in Suns history and second only to Stephen Curry (eight) this season, according to ESPN Stats & Information.

His 205 3-pointers this season were tied for the second most in franchise history with Raja Bell in 2006-07, per the Basketball-Reference database. Only Quentin Richardson recorded more 3-pointers with 226 in 2004-05.

GRAYSON ALL3N 🎯

The best from behind the arc in the @NBA this season! pic.twitter.com/io6NvV2Xen

— Phoenix Suns (@Suns) April 15, 2024

“The consistency of his 3-point shot making would be at the top of the list,” Suns coach Frank Vogel told The Arizona Republic in March when asked about what stood out the most about Allen’s play this season.

“He’s a good, all-around basketball player. There’s a lot of shooters in this league that aren’t good basketball players. … He’s a hell of a basketball player in so many different ways.”

Of course, Grayson Allen was traded to Phoenix as part of a three-team trade involving the Bucks and Portland Trail Blazers in September. In exchange, Milwaukee received Damian Lillard from Portland.

The sixth-seeded Suns will play the No. 3 seed Minnesota Timberwolves in the first round of the Western Conference playoffs.

The first round of the 2024 NBA Playoffs begins this Saturday, April 20.