The Phoenix Suns and Grayson Allen are reportedly in agreement on a four-year, $70 million contract extension, per Shams Charania of The Athletic and Stadium. The deal reportedly has a player option as well, per Adrian Wojnarowski of ESPN.

Phoenix endured some ups and downs during the 2023-24 season, but Allen played a big role offensively. He was one of the best three-point shooters throughout the year and will now remain with the Suns for years to come.

Allen, 28, performed well during his first season in Phoenix. He averaged 13.5 points per game on 49.9 percent field goal and a league-leading 46.1 percent three-point shooting. He was extremely reliable from beyond the arc.

Allen also recorded 3.9 rebounds and 3.0 assists per outing while averaging 33.5 minutes per contest. He was quite durable as well, appearing in 75 total games (74 starts) for the Suns.

Allen had displayed potential in the past. For the most part, he was considered a role player who could shoot the three-ball at a respectable rate. Now, he is a key starter for the Suns and will help Phoenix make a run in the playoffs alongside superstars Kevin Durant, Devin Booker, and Bradley Beal.

Grayson Allen's big 2023-24 season leads to extension with Suns

Phoenix Suns guard Grayson Allen (8) works around Minnesota Timberwolves guard Mike Conley (10) in the fourth quarter at Target Center.
Bruce Kluckhohn-USA TODAY Sports

Allen has clearly impressed the Suns during the 2023-24 season. His teammates have also spoken highly of his contributions.

From a statistical standpoint, Allen had previously never recorded a three-point percentage better than 40.9 percent. Of course, shooting over 40 percent was already impressive, but his 46.1 percent mark in 2023-24 was remarkable.

Additionally, he was that efficient while tying his career-high for three-point attempts per game with an average of 5.9. Sure, Allen has always been a good three-point shooter. In 2023-24, he emerged as one of the steadiest options in the entire NBA.

It has been an up-and-down journey for Allen over the years. The Duke product spent his first few seasons in the NBA with the Utah Jazz and Memphis Grizzlies. He emerged as a role player, but began to earn more starts with Memphis in 2020-21.

He joined the Milwaukee Bucks in 2021-22 and became a starter. Allen ultimately spent two years in Milwaukee and took a step forward in his career before his breakout season with the Suns in 2023-24.

One has to imagine Phoenix is thankful they were involved in the three-team Damian Lillard and Jrue Holiday-led trade with the Milwaukee Bucks and Portland Trail Blazers. The Suns acquired Allen, Jusuf Nurkic, Nassir Little, and Keon Johnson in the deal.

Suns set to make noise in NBA playoffs

Phoenix wanted to compete for one of the top spots in the Western Conference this year. Instead, they finished as the No. 6 seed in the West. Nevertheless, they were able to avoid the NBA Play-In Tournament and will play the Minnesota Timberwolves in the first round of the playoffs.

Any team that features Kevin Durant, Devin Booker, and Bradley Beal is going to have an opportunity to upset the odds. Of course, Grayson Allen may be the X-factor given his superb 2023-24 campaign. Perhaps he will be extra motivated after agreeing to the four-year, $70 million contract extension with the Suns.

The Western Conference features no shortage of talent. Making a deep postseason run will prove to be an immense challenge. This Suns team has the potential to make some noise in the playoffs, though.