He's a rookie. He's going to be a backup. He's likely to be a very solid rotation if not starting point guard some day. That pretty much sums up the second-round pick and his role on the 2016-17 Suns.
Under the tutelage of fellow Wildcats Bledsoe and Booker, he's going to improve upon his already impressive skillset.
In his final season in Kentucky, the 5'9" floor general scored 17.3 points, and averaged 7 assists and 1.6 threes per game. He was also a pest on the defensive end of the floor, averaging 1.5 thefts per contest. He proved himself as an all-around point guard against top notch competition.
Unfortunately, there isn't much room for Ulis in Phoenix right now, so it's only right that he's currently going undrafted in all fantasy leagues and formats.
Why do I even bring him up then? It's really twofold: to keep your eye on him in case Knight gets traded, Bledsoe gets hurt, or a combination of the two. Also, he's an obvious stash at the back end of NBA dynasty drafts. Otherwise, forget about Ulis.
If you believe in the Suns, it's Bledsoe, Booker, Knight, in that order.