Norris Cole Re-Signs with Pelicans: Latest Contract Details, Comments, Reaction

The New Orleans Pelicans re-signed restricted free-agent point guard Norris Cole to a one-year contract Wednesday.  

Brian Windhorst of ESPN.com reported the news on Cole signing the qualifying offer, and Yahoo Sports' Marc J. Spears reported the deal is worth $3.03 million, citing agent Rich Paul.

As recently as Tuesday, negotiations between New Orleans and Cole were reportedly at a standstill, according to the Times-Picayune's John Reid. It's a positive sign that an agreement was reached so quickly in light of those circumstances.

''Obviously we would like to have him back on our team," said Pelicans head coach Alvin Gentry of Cole, per Reid. "He's an important part of our team, but that's something that will have to get answered on the (front office) side of it."

Zach Lowe of Grantland felt the resolution was suitable for Cole and the Pelicans:

Cole isn't the biggest star on New Orleans' roster, but he's a key cog in the squad's perimeter rotation.

The Pelicans don't have a lot of depth at the point guard position. Although they do have a reputable starter in All-Star Jrue Holiday, he has played in just 74 regular-season games in two years with the team.

Tyreke Evans is capable of running the point, though he now functions more as a swingman, so Cole's value is greater than most outside of New Orleans may realize. Cole is a strong on-ball defender and can spell Holiday in that regard, whereas other perimeter players in Evans and Eric Gordon are more geared toward creating offense.

While his shooting efficiency leaves something to be desired, per Basketball-Reference.com, Cole is a savvy distributor who averaged 3.4 assists to just 1.3 turnovers last season. As long as he can run the offense well when Holiday is resting on the bench, the Pelicans will likely feel they got Cole at a relative bargain for 2015-16.