Hornets exercise option on Chris Paul

New Orleans CityBusiness, Oct 25, 2006 by CityBusiness Staff Report

The New Orleans/Oklahoma City Hornets announced today they have exercised the third-year option on the contract of guard Chris Paul. Financial terms of the contract were not released.

"Chris has exceeded all expectations both on and off the court since we drafted him and we're pleased to have him officially under contract through the 2007-08 season," said Hornets General Manager Jeff Bower. "We envision him as the cornerstone of this franchise for years to come and today's announcement is the first step toward making that happen."

Under the terms of the NBA's collective bargaining agreement, the first two years of a first round draft pick's contract are guaranteed while the third and fourth year of the contract are the team's option. Paul was selected by the Hornets with the fourth overall pick in the 2005 National Basketball Association Draft.

Paul averaged 16.1 points, 7.8 assists, 5.1 rebounds and 2.24 steals last season to earn the 2005-06 NBA T-Mobile Rookie of the Year Award. He finished the 2005-06 season ranked first in total steals (175), third in steals per game and seventh in assists per game in the NBA and led all rookies in scoring, assists, minutes (2808), double-doubles (23) and triple-doubles (two) for the season.

Paul averaged 11.6 points, 7.6 assists, 3.1 rebounds and 2.43 steals in seven preseason contests.