Derrick Jones Jr. has cleared waivers and signed with the Northern Arizona Suns.

The Suns had to release Jones to create a roster spot for Mike James.

The Northern Arizona Suns have acquired Isaiah Canaan from the Agua Caliente Clippers in exchange for a 2018 first round G-League pick.

Canaan was most recently with the Houston Rockets, playing for them in one game this season. He played four minutes for the NBA club against the Philadelphia 76ers, gathering one rebound. He was waived by Houston on Oct. 28. He signed into the NBA G League this week and was claimed by the Agua Caliente Clippers.

The Phoenix Suns are converting the two-way contract of Mike James into a regular NBA deal.

James is the first two-way player to have his contract converted under the NBA's new system. James made a projected $213,000 on the two-way contract, and he could make $580,607 on a minimum NBA contract for the remainder of the season.

The Suns plan to create a roster spot for James.

Two-way contracts are paid on a smaller scale, and James will have exhausted his 45 days on an NBA roster on Thursday, which is counted from the first day of G-League training camp.