Josh Howard and the Mavs have agreed on a four-year contract worth more than $40 M.

Howard was eligible for a five-year extension but happily settled for a four-year deal after a strained month of negotiations he recently termed “disappointing.”

Howard has been Dallas’ best player in training camp, showing little outward sign of being distracted by his contractual situation, but the absence of an extension before the regular season could easily have been perceived as another slight for a player who slipped to No. 29 in the 2003 draft.

It’s believed that the Mavericks, sensing that the issue might linger with Howard all season, increased their offer in recent days to avoid alienating the swingman and make sure he felt like a valued member of the Mavs’ core.

The Suns locked up one of their stars, Boris Diaw, agreeing to a five-year contract believed to be worth around $45 M.

The 24-year-old Frenchman came to the Suns as part of the trade that sent Joe Johnson to Atlanta a year ago and responded with a standout season that earned him the NBA’s Most Improved Player award. He moved into the starting lineup in place of injured Amare Stoudemire in the preseason and averaged 13.3 points, 6.9 rebounds and 6.2 assists in the regular season.

Diaw’s season included four triple-doubles. In 20 playoff games, Diaw’s scoring average climbed to 18.7 with 6.7 rebounds and 5.2 assists.

The Diaw deal looks like a better bargain for the Suns than the Howard deal is for the Mavs. Diaw plays a lot of power forward and center for Phoenix and getting a guy that talented to play those positions for $9 M a year is a pretty good deal. Of course, it helps that the Suns play at a frenetic place that allows Diaw to play those positions. Traditionally, he would probably play small forward for most teams, but a lot of franchises are turning to a small-ball approach.

Howard will have to continue to improve to grow into his contract, but his stellar defense is unquantifiable. Mark Cuban been known to overpay at times, and this appears one of those cases. But if Howard had hit the free agent market after another year of improvement, he could have easily coaxed this kind of contract (or a better one) out of another team.