How much is this contract worth annually?
From Google (an AI write up)
For the 2024/25 NBA season, players on two-way contracts will earn $578,577, which is half of the rookie minimum. Two-way contracts are professional sports contracts that pay players based on which league they are assigned to play in. Players on two-way contracts can be active for up to 50 of their team's 82 regular season games, or a combined 90 games if the team doesn't have a full 15-man roster. Only players with three or fewer years of NBA service can sign two-way contracts, which can be for one or two seasons.