The NBA's first openly gay player had finished his second 10-day contract, which meant the Nets had to sign him for the remainder of the season if they wanted to keep him.
Collins has added five points, six rebounds and six steals in eight games since signing his first deal on Feb. 23.
Collins is playing his 13th season in the league, including six previous seasons with the Nets.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.