Guard Jose Alvarado has agreed to a three-year deal worth more than $14 million to return to the New York Knicks, according to ESPN. This decision comes after Alvarado declined his $4.5 million player option for the upcoming season. The new contract allows him to secure a multiyear agreement, even with a lower average annual value than his previous option.
The Knicks are currently operating with a tight budget, aiming to stay below the second apron of the salary cap, as per owner James Dolan's directives. Alvarado's decision, initially due Monday but extended to Friday to align with the NBA draft, provides clarity on one of the Knicks' offseason moves.
Alvarado emerged as a significant contributor off the bench for the Knicks, filling a need for a reliable backup point guard. His arrival also injected a level of intensity into the team.
President Leon Rose has previously lauded Alvarado as one of his most effective under-the-radar acquisitions. "That was huge," Rose stated on the "Roommates Show" podcast, "because we did need another ball handler, we needed another person that could put it on the floor and take some of the pressure off."
Although his playing time fluctuated, Alvarado played crucial minutes during the Knicks' postseason run, including the NBA Finals. He notably scored eight points and made two three-pointers during the Knicks' comeback victory in Game 4 of the Finals.
Alvarado, 28, is a native of Brooklyn and played high school basketball at Christ the King.