The New Orleans Pelicans are only guaranteeing $100,000 of Lance Stephenson's one-year, $1.22 million deal.

Stephenson found the market to be soft after the Memphis Grizzlies declined their $9.4 million team option on his contract. Stephenson signed a three-year, $27 million deal with the Charlotte Hornets in 2014.

The Hornets traded Stephenson to the Los Angeles Clippers last offseason but he proved to be a bad fit.