New Orleans had been hoping to keep Louzada after declining his $1.5MM team option for 2021-22 last weekend. By declining the option and re-signing him on a new deal, the team now has the ability to keep him for years to come.
Louzada, 22, was the No. 35 pick in 2019. He signed with New Orleans toward the end of last season after spending two years overseas, appearing in three games.
The Pelicans finished the 2020/21 season with a 31-41 record — the 11th best in the Western Conference. The franchise parted ways with head coach Stan Van Gundy at the end of the campaign, hiring former NBA guard Willie Green in his place.