So is it just a straight $1.5m/yr deal with an option for a 4th. The wording is a little iffy since it says it's a 4-yr fully guaranteed deal, but the 4th year is a team option.
Either way, good deal for all parties - especially the Cs. Edwards may be an unproven 2nd round pick, but he has several NBA level skills that should at least make him worthy of sticking around for the duration of the contract...hopefully he proves much more!