12:03pm: The Pelicans have officially signed Wallace to a second 10-day contract, the team confirmed today (via Twitter).
9:34am: The Pelicans are signing guard Tyrone Wallace to a second 10-day contract, a source tells Adrian Wojnarowski of ESPN (Twitter link). Wallace’s initial 10-day deal with the team expired overnight following Sunday’s game in Atlanta.
Wallace signed a standard 10-day contract with New Orleans on March 11 after CJ McCollum entered the health and safety protocols. Even after McCollum returned, Wallace saw some action for the club, averaging 4.3 PPG and 1.8 RPG in four appearances (15.8 MPG).
Wallace struggled a little with his shot, making 7-of-18 field goals (38.9%), including 2-of-8 three-pointers (25.0%) and just 1-of-5 free throws (20.0%). However, the Pelicans – who won three of the four games in which Wallace played – apparently liked what they saw enough to commit to him for at least 10 more days.
The Pelicans will take on a cap hit of $95,930 for Wallace’s 10-day deal, which will pay him $99,380. If he officially re-signs before Monday’s game, he’ll be under contract through March 30, making him eligible for New Orleans’ next five games.
Once Wallace’s new contract expires, the Pelicans will either have to sign him for the rest of the season or let him walk, assuming the team doesn’t qualify for a hardship exception.