Hornets Agree to Deal with Lance Stephenson

Jed Jacobson/Getty Images(NEW YORK) -- The Charlotte Hornets have reached a deal with one of the top free agents on the market as they've agreed on a three-year deal with former Indiana Pacers guard Lance Stephenson.

ESPN is reporting that the deal is worth $27 million. The Hornets have a team option in the third year of the contract as well.

"Lance is forever grateful for all the love he's received from Pacers fans. He is especially grateful to his teammates, Frank Vogel, Herb Simon, the Pacers management and most of all, Larry Bird," Stephenson's agent, Alberto Ebanks, said in a statement. "While we tried our best to come to the best possible terms for both sides, there was not sufficient flexibility in the terms of the contract, particularly the length of the contract."

What makes this a peculiar move for Stephenson is that the Pacers had offered Stephenson a five-year deal worth $54 million. He turned the deal down because he said he felt undervalued.

Stephenson's fourth NBA season proved to be his best as a pro. In 78 games, he averaged 13.8 points, 7.2 rebounds, and 4.6 assists per game.

Copyright 2014 ABC News Radio 

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