Phoenix Suns guard Grayson Allen has agreed on a four-year, $70 million contract extension that includes a player option, his agents Mitch Nathan, Aaron Mintz and Steven Heumann of CAA Sports told ESPN on Monday.

The deal keeps Allen out of unrestricted free agency this summer and rewards him for a career-best season with the Suns. Allen started 73 games, shooting 46.1% on 3s and averaging 13.4 points, 3.1 assists, 3.9 rebounds and 33.5 minutes per game.

After landing with his fourth team in six seasons, Allen, 28, was eager to re-sign as part of a lineup of Devin Booker, Kevin Durant and Bradley Beal that allows him tremendous space and room to operate on the court. His 46.1 percent on 3-pointers led the NBA this season.

Allen's signing comes with massive luxury tax implications for owner Mat Ishbia. The Suns could've only replaced him with minimum contract free agents, so his re-signing was vital to the franchise's ability to keep its core together. Allen's $15.6 million salary in the first year of the deal will cost the Suns $79 million in payroll and tax -- running the Ishbia's projected 2024-2025 payroll to $206 million with an additional $104 million in luxury tax. That'll be the highest in the league.

The sixth-seeded Suns will meet No. 3 seed Minnesota in the first-round of the Western Conference playoffs.

The Suns are currently on books to exceed the league's second apron by $16 million, which comes with it punitive consequences under the league's new Collective Bargaining Agreement. Over the second apron, the Suns will be forbidden to send out cash in deals, aggregate contracts or use a pre-existing trade exception. If the Suns finish the 2024-2025 season over the second apron, their 2032 first-round pick will be frozen and unavailable to use in trades.

Allen landed with the Suns as part of a three-team Damian Lillard blockbuster trade that delivered him from Milwaukee. He was the 21st overall pick out of Duke to the Utah Jazz in 2018 before spending two years with the Memphis Grizzlies and two with the Bucks.

Allen made eight three-pointers in seven games this season -- most in such games in Suns history and only second to Step Curry (8) this season, according to ESPN Stats and Information. His 205 three-pointers this season is tied for the second most in franchise history, per ESPN Stats and Info.