All reports indicate that the Suns are close to a deal that would extend Steve Nash for two years and about $22m beyond his current contract. This deal would keep him in Phoenix until 2012, when he will be 38 and would likely be the last contract of his career.
The recent news that Nash was going to stay in Phoenix led to a series of decisions that finally, after weeks of uncertainly, provided clarity to the Suns roster situation. Grant Hill decided to stay. The Suns were able to delay a decision on Amare. Channing Frye chose Phoenix over other options. The Suns didn't need to focus on finding a starting point guard.
The most important aspect of Nash's decision was to provide the Phoenix Suns with an identity. Nash has the ability to deliver on the promised return to the run and gun fun in the sun style of ball that fans (almost ) everywhere clamored for when it was gone. The plan is for Nash, and to a lesser degree Hill, to provide veteran leadership and stability over the next few years while the team continues to develop its young talent. The Suns see his extension as a bridge to the future that will allow the Suns to remain competitive while it makes a decision about Amare and the longer term.
Without Nash, the Suns would have immediately taken a huge step backwards as there were no likely scenarios in which Steve could have been traded for a comparable young point guard. The league is filled with some amazing talent at the point but those teams were not going to trade their future for a couple of years of Nash. Great point guards don't grow on trees.
So, given the option of letting Nash go and get even younger (but not better), the team did the right thing in keeping the "face of the franchise." There are many fans out there that disagree and seem to have been anxious to let Nash go and start the rebuilding process. I am curious to see how people feel overall, so let's get our poll on.