updated 9:37 p.m. ET Nov. 3, 2008

DETROIT - The Detroit Pistons kept one All-Star guard under contract for years to come on the same day they sent one packing.

Richard Hamilton and the Pistons have agreed to a three-year contract extension worth about $34 million, a basketball official told The Associated Press on Monday night.

The official, who spoke on the condition of anonymity because the deal had not been announced, said two years of the contract are guaranteed and the third is partially guaranteed.

Detroit dealt All-Star Chauncey Billups, key reserve Antonio McDyess and project Cheikh Samb to the Denver Nuggets for 2001 NBA MVP Allen Iverson earlier in the day.

Hamilton’s current $62 million, seven-year contract was signed five years ago.

The three-time All-Star helped the Pistons win the 2004 NBA title and advance to the Eastern Conference finals last season for the sixth straight year.

Washington drafted the shooting guard No. 7 overall in 1999 after the junior led Connecticut to a national title, earning Most Outstanding Player of the Final Four honors.

The Wizards traded him to Detroit three years later for Jerry Stackhouse.

Hamilton has averaged nearly 18 points in the regular season and has increased his scoring to nearly 21 points per game in the postseason.

Hamilton broke Isiah Thomas’ franchise record for playoff scoring last season and finished with 2,414 points and played in his 116 postseason game, surpassing Bill Laimbeer’s team mark. He has scored at least 20 points in 58 playoff games since 2003, giving him a two-game lead over San Antonio’s Tim Duncan in that category and a double-digit lead over any other superstar, according to STATS.

The player known as Rip has an edge against opponents because he can run tireless around screens, curling open for mid-range shots. He has improved his overall game with the Pistons, playing stronger defense, making better passes and connecting on more 3-point shots.

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