Stevenson will earn $4.15 million next season, a salary he would have been hard-pressed to command on the open market come July 1 had he opted out of the final year of his contract and become an unrestricted free agent.
Acquired during the All-Star break as part of the big trade that sent Josh Howard to Washington in exchange for Caron Butler and Brendan Haywood, Stevenson saw limited action in 24 games with the Mavs. He played a total of six minutes in two playoff games against San Antonio.
His 2.1 scoring average last season, his 10th in the NBA after entering the league out of high school, was his lowest output since his rookie season with Utah.
The Mavs have a couple of expensive pieces at the end of their bench with Stevenson and shooting guard Matt Carroll, who is due $4.3 million next season. Carroll is signed through 2012-13, unlike Stevenson, who can become an unrestricted free agent after next season.