Hommes, 25, is 6-foot-8 and went undrafted out of Point Loma Nazarene in 2019. He spent the 2019-20 season with the Austin Spurs of the G League, then signed with Italian club Vanoli Cremona.
Alvarado, 23, is 6-0 and played all four seasons at Georgia Tech, averaging 15.2 points, 4.1 assists ad 2.8 steals as a senior last season, when he was named ACC Defensive Player of the Year.
“Even if Alvarado never plays a minute outside the G League he is going to bring an infectious energy that will push his teammates and make practices and training camp more competitive,” wrote Aaron Kellerstrass of FanSided.
Meanwhile, Hommes was the 2019 NCAA Division II Player of the Year.
Players on two-way contracts can appear in up to 50 NBA games, spending the rest of their time in the G League.