New Orleans Pelicans guard Jose Alvarado has been one of the surprises of the season. Now, Alvarado is being rewarded for his solid play.

The Pelicans are signing Alvarado to a standard contract from his Two-Way deal. New Orleans is using part of their remaining Mid-Level Exception to give Alvardo a four-year deal worth $6.5 million. The first two season are reportedly fully guaranteed for Alvarado.

After going undrafted out of Georgia Tech, Alvarado signed a Two-Way deal with the Pelicans. He's become a key rotation player as a backup point guard. In 47 games, Alvarado has averaged 6.1 points, 2.7 assists and 1.3 steals in 15.3 minutes per game.