What is Jose Alvarado's contract with New Orleans Pelicans? Salary breakdown, length of contract, and more

New Orleans Pelicans guard Jose Alvarado was perhaps the NBA's most endearing underdog story last season. He was an undrafted rookie who ultimately carved a spot in the team through is work ethic, never-give-up-attidue and trademark sneaky steals.

The Pelicans signed him to a four-year $6.8 million contract. However, only the first two seasons are guaranteed while the final year (2024-25) is a team option.

Alvarado will earn $1.5 million this season, which is still guaranteed.

#Pelicans and guard Jose Alvarado agree to a four-year extension 🏀 #NBA75 #WBD https://t.co/T9gVk0DPTj

The former Georgia Tech standout is averaging career-high numbers across multiple statiscal categories. He is putting up 9.1 points, 2.4 rebounds and 3.1 assists in 21.8 minutes per game.

More than the numbers, it's been Jose Alvarado's energy, attitude and vibe with the fans that embodies what the Pelicans want in their players. The home crowd loves him while opposing players have learned to respect his game, if not his relentless attitude.

Alvarado's trademark backcourt steal, which he commits by sneaking behind unsuspecting opponents, is a staple in highlights. The former ACC Defensive Player of the Year endeared himself even more to Pelicans fans in the playoffs last season.

Without Zion Williamson, New Orleans barged into the postseason via a grueling play-in tournament. The reward for their accomplishment was a date with the 60-win Phoenix Suns, who looked like the best team in the NBA.

Alvarado played his annoying best against the Suns' superstar backcourt of Chris Paul and Devin Booker. The Pelicans' backup point guard averaged 8.0 points, 1.3 rebounds, 1.5 assists and 1.2 steals. He also got under the skin of "CP3" and "Book" on numerous occasions.

The Pelicans may have lost that series, but casual NBA fans noticed the diminutive guard who may have the biggest heart on the team. If New Orleans makes him available, there will be more than a few teams who will be heavily-interested in his services.

"Anything is possible. I'm not 6'5", I'm not athletic, I don't got the crazy wingspan, but I got heart that you can't measure."

Jose Alvarado on playing the underdog role 💯

https://t.co/sEgLCT6PgW

With the way he's playing, he's likely to be in New Orleans for at least a few more years.

Jose Alvarado won MVP for Team Pau in the 2023 NBA All-Star Rising Stars game

The NBA featured the best young talent available for the 2023NBA All-Star Rising Stars game. Jose Alvarado just came out as the best among some of the most promising players in the league.

Alvarado played for Team Pau, which was coached by Pau Gasol. The Pelicans guard dropped 13 of team Gasol's 40 points in the first game.

Up next for them was Team Joakim, who had Joakim Noah calling the plays. It was a back-and-forth affair with "Grand Theft Alvarado" nailing the game-winning shot.

JOSE ALVARADO CALLED GAME ‼️

TEAM PAU WINS #JordanRisingStars https://t.co/EqyNmSdlWT

Through two games, Jose Alvarado showed what makes him unique and crucial for the New Orleans Pelicans. He gave Team Pau energy, hustle, defense and capped it off with the biggest shot of the championship game.

It doesn't look like the Pelicans will keep him unless a massive upgrade is available.

You might also like to read: Is Jose Alvarado Mexican or Puerto Rican? Exploring his ethnicity and cultural roots