The deal gives the 6-foot-7 small forward financial security now, with an opportunity to return to the marketplace as a 25-year-old unrestricted free agent in 2021. The Suns had the right to match any offer he received from another team.
Oubre thrived in Phoenix after a December trade sent him and Austin Rivers from the Wizards to the Suns for Trevor Ariza. In 40 games (12 starts) for Phoenix, Oubre posted career highs in points (16.9), field goal percentage (45.3), rebounds (4.9) and assists (1.6).
He was even better after moving into the starting lineup following the All-Star break, averaging 20 points, 5.7 rebounds and a league-high 2.1 steals.
Namakian also represents Suns center Deandre Ayton, the No. 1 overall pick in the 2018 NBA draft. Oubre Jr., encouraged by his brief time in Phoenix, was motivated to work out a deal with the Suns and avoid seeking an offer sheet elsewhere.
The only negative for Oubre in his stint with the Suns was a thumb injury that required a minor procedure and ended his season in March.
That didn't temper Phoenix's feelings for the 23-year-old ahead of free agency.
"I've said before: We love Kelly," Suns general manager James Jones told reporters in April. "We want Kelly here."
Oubre, the 15th overall pick in the 2015 NBA draft, spent his first four seasons in Washington, posting averages of 8.2 points, 3.5 rebounds and 0.7 steals per game.