PORTLAND, Ore. — Trail Blazers sharp-shooting wing Rodney Hood is returning to Portland, agreeing to a two-year, $12 million deal, according to ESPN's Adrian Wojnarowski.

Wojnarowksi originally reported that the deal was for two years and $16 million, but Dwight Jaynes of NBC Sports Northwest and Jason Quick of The Athletic both reported that the contract is not that rich. Hood will make $5.7 million in the first year of his deal and $6 million in the second year, which is a player option.

After he was acquired shortly before the trade deadline last season, the 26-year-old Hood averaged 9.6 points in 24.4 minutes per game for the Blazers. He shot 45.2% from the field and 34.5% from the 3-point line. Over his career, Hood has averaged 12.6 points and shot 36.7% from 3.

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Hood was especially valuable during the Blazers' playoff run. After a nondescript first-round series performance against the Thunder, Hood was vital in the second-round against the Nuggets.

Against Denver, Hood averaged 14.7 points and shot 58.3% from the field and 50.0% from 3. He hit a go-ahead 3-pointer in the Blazers' epic four-overtime win in Game 3 and was the team's third-leading scorer in Game 6 with 25 points.

After re-signing Hood and watching Al-Farouq Aminu sign with the Orlando Magic, Portland has three remaining free agents.

Enes Kanter and Seth Curry are unrestricted free agents. The Blazers don't have Bird rights on either player, and having used the midlevel exception to sign Hood, the Blazers' options for retaining either Kanter or Curry are almost non-existent.

The Blazers offered Jake Layman a $1.9 million qualifying offer, making him a restricted free agent, so the Blazers will have the right to match any contract offer he signs with another team.

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Jared Cowley writes about the Trail Blazers and other topics for KGW.com. He's also the co-host of the 3-on-3 Blazers podcast (listen here). You can reach him on Twitter @jaredcowley.