Mary Jo Perino of Lex18 reports that Terrence Jones has signed a deal worth $2.5 million in his first two seasons with Houston as the 18th overall pick in the 2012 NBA Draft. Former Iowa St. Cyclones star Royce White has also signed his contract, worth $2.8 million:

As the 16th pick of the draft, [Royce] White's deal is worth $2.8 million in the first two guaranteed seasons of his rookie contract, with the team holding options for a third and fourth season. Jones, the 18th player taken in the draft, is signed for $2.5 million in the first two seasons.

So the Houston Rockets now have a pair of very unusual forwards on the roster. Both are great ballhandlers and great passers. If nothing else, Houston will have what we call "options" in the forward spot for the coming couple of years, although Houston seems too loaded with forwards not to make some moves in that position.

Jeremy Lamb, formerly of the Connecticut Huskies and Houston's highest draft pick at #12 is also expected to sign his contract soon.