The Phoenix Suns have reached an agreement with restricted free agent point guard Eric Bledsoe on a five-year, $70 million contract, according to a person with knowledge of the situation.
The person spoke to USA TODAY Sports on the condition of anonymity because the deal had not yet been announced.
Bledsoe had held out all summer for this sort of deal, and he faced an Oct. 1 deadline that looms large during the unique negotiation. He had until that date to sign a $3.7 million, one-year qualifying offer that would have allowed him to become an unrestricted free agent next summer. Bledsoe, who had wanted a maximum-level deal of five years and a combined $80 million, previously turned down a four-year, $48 million offer from the Suns.