The Queens native who grew up a Knicks fan and helped them to their first title in 53 years is coming back.
Jose Alvarado is declining his $4.5 million player option and re-signing with the Knicks on a three-year deal, a story broken by Shams Charania of ESPN. The contract is worth close to $15 million, reports NBA insider Chris Haynes and Steve Popper of Newsday.
Alvarado was traded from New Orleans to New York at the trade deadline, and in 28 games with the team, averaged 6.6 points, 3.8 assists, and a steal per game. Most famously during the Knicks Finals run, he went 3-of-3 from beyond the arc in the fourth quarter of Game 4 and was a spark for the Knicks 29-point comeback win that essentially ended the series.
This signing leaves the Knicks still dancing with the second apron. This deal leaves the Knicks $14 million under the second luxury tax apron — a line owner James Dolan has said he does not want to cross — with five open roster spots, reports Keith Smith of Spotrac. Another estimate, via Yossi Gozlan, is that New York is an estimated $9.8 million below the second apron with three or four more spots to fill.
The expectation around the league is that they will re-sign Landry Shamet and a couple of minimum-salary players, but that would leave Mitchell Robinson as the odd man out (and he has multiple suitors willing to beat his $12.9 million salary from a season ago).
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