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The first year of the deal is partially guaranteed, Velazquez reported, the second non-guaranteed.
Bender had previously been linked to both the Cleveland Cavaliers and Russian club CSKA Moscow.
Bender, 21, is 7-foot-1 and was drafted by the Phoenix Suns with the No. 4 overall pick in 2016. He and averaged 5.3 points and 3.8 rebounds in 131 career games with the Suns. That includes averages of 5.0 points and 4.0 rebounds in just 46 appearances this past season.
His best season was his second (2017-18), when he appeared in all 82 games, averaging 6.5 points and 4.4 rebounds and showing promise with his ball-handling and shooting.