The Indiana Pacers signed second-round draft pick Lance Stephenson to a multi-year deal Thursday.
The deal includes two years guaranteed and two years at a team option, a Pacers source said.
Stephenson will earn over $700,000 the first year and over $800,000 the second. Incentives could bump those numbers up about $100,000 annually.
"He had a great summer league and the future is looking bright for him," the source said.
The 6-foot-5 Stephenson led Indiana's summer league team at 14.8 points per game and was the top shooter in the Orlando summer league at 73.3 percent from the field.
The all-time leading scorer in New York State history out of Brooklyn Lincoln High School, Stephenson spent one season at Cincinnati and was named Big East Rookie of the Year.
"Lance signed a multi-year deal [Thursday] with the Indiana Pacers," said Alberto Ebanks, Stephenson's agent. "He is excited to join the organization and is looking forward to the upcoming season. In fact, he is already working out with his teammates in Indiana. The deal reflects a commitment by both sides. Today marked the realization of a lifelong dream and at the same time the start of a new and exciting chapter in his life. He is playing for a great coach, for a Hall of Fame boss and in a town rich in basketball history. Who could ask for more?"
Indiana is trying Stephenson, 19, out at the point guard spot, but the source said the team would likely try and trade for a veteran.
"They're looking to make a trade for a veteran point," the source said.