Blazers general manager Neil Olshey traded for Kent Bazemore last week partly as insurance for the possibility of Hood leaving in free agency. Now Hood will be paired with Bazemore for a Blazers team that hopes to remain among the elite of the Western Conference.
Hood was a trade-deadline acquisition for the Blazers, who used the veteran shooting guard mostly off the bench during the regular season and playoffs.
Although he shot a career-low 34.5% from 3-point range in 27 regular-season game for the Blazers, he did contribute with 9.6 points per game in 24.4 minutes. And he carried that over into the playoffs, averaging 9.9 points and shooting 35.3% from 3 during Portland's run to the Western Conference finals.
Hood, who will turn 27 in October, went 23rd overall to the Utah Jazz in the 2014 NBA draft. He holds a career average of 12.7 points while shooting 42.2% from the field (including 36.7% from 3) across five NBA seasons. He has made stops with the Jazz, the Cleveland Cavaliers and the Blazers.
The Blazers on Sunday also agreed to a two-year minimum deal with free-agent forward Mario Hezonja, his agent, Michael Tellem, told ESPN. The second year is a player option.
Hezonja, 24, played last season with the New York Knicks.