11:23am: Peavy’s new contract is worth $8.7MM over four years, sources tell Michael Scotto of HoopsHype (Twitter link). It includes two fully guaranteed years, a trigger date for the third season and a fourth-year team option.
10:55am: Second-round pick Micah Peavy has signed with the Pelicans, the team announced in a press release.
The 23-year-old shooting guard was selected by Washington with the 40th overall pick and was part of a trade that couldn’t become official until the moratorium was lifted on Sunday. Terms of his new contract were not announced.
Peavy was an All-Big East selection at Georgetown last season, averaging 17.2 points, 5.8 rebounds, 3.6 assists and 2.3 steals in 32 games. He played at Texas Tech as a freshman, then spent three years at Texas Christian before joining the Hoyas.
Throughout his five years in college, Peavy averaged 9.5 points, 5.8 rebounds, 2.0 assists and 1.2 steals in 159 total games.
New Orleans signed lottery picks Jeremiah Fears and Derik Queen on Saturday, so all three additions from this year’s draft are now under contract.