Suns signing key piece to four-year extension

Allen has thrived in his first season in Phoenix, becoming the NBA’s top three-point shooter at 46.1 percent. He also reached career highs by averaging 13.4 points, 3.9 rebounds, 3.1 assists and 33.5 minutes per game while making 73 starts.

Wojnarowski notes that the new contract will continue to escalate the Suns’ tax bill, which has exploded since Mat Ishbia bought the team midway through last season. 

Allen will make $15.6M next season, pushing the team’s projected payroll to $206M. That will result in $104M in luxury tax payments, which would be the highest figure in the league.

Phoenix is currently projected to exceed the second apron by $16M in 2024-25, Woj adds, which would trigger the most severe restrictions under the new Collective Bargaining Agreement. 

The Suns won’t be permitted to send out cash in trades, aggregate contracts or make use of a pre-existing trade exception. They also won’t be able to trade their 2032 first-round pick if they finish next season above the second apron.

Allen had been headed for unrestricted free agency this summer, so the agreement locks up an important part of the Suns offense for at least three more seasons. With Phoenix already well above the salary cap, the team would have faced few options for replacing Allen if he had signed elsewhere.

The 28-year-old guard had bounced around the league since being selected by Utah with the 21st pick in the 2018 draft. The Suns were his fourth team in six years when they acquired him last summer as part of the three-team deal that sent Damian Lillard to Milwaukee. 

Allen had been a starter for the Bucks the past two seasons, but he was able to fully unlock his game on a Phoenix team where he’s surrounded by elite scorers in Kevin Durant, Devin Booker and Bradley Beal.