According to ESPN, Taylor Pyatt signed a 2-year, $2M contract. Phoenix and Pyatt are agreeing that his value will be less than one win over two seasons - and yet this still strikes me as an overpay. Pyatt made $600k last season, which is more in line with his value, especially now that bottom-end roster-fillers have rarely been getting multi-year contracts at the $1M level.
Given that they had great OT luck and didn't bother to develop most of their young players this past season, Phoenix will need to have a great off-season to make the playoffs again next year. Pyatt's contract is on the margins, but this isn't a good start.