Harrell deal complete; also signs with Nike

Former Louisville basketball star Montrezl Harrell's new contract with the Houston Rockets is a guaranteed three-year deal worth $3.1 million, ESPN reported Friday.

Harrell, who was selected 32nd by Houston in the NBA draft, also inked a multi-year sponsorship deal with Nike.

The news comes a few days after Yahoo reported that Harrell and Houston were finalizing his contract. His salary, which averages a little more than $1 million per year, is slightly more than the projected annual payments for players selected with the 26th through 30th picks in the first round, according to RealGM.com.

Signing a guaranteed contract is rare for a second-round pick, though Louisville's Russ Smith did the same in 2014 after the New Orleans Pelicans took him with the 47th pick.

Harrell's former teammate, Terry Rozier, who now plays for the Boston Celtics, recently signed for 120 percent of the rookie scale for the No. 16 pick in the draft.