Key facts
- Jose Alvarado has agreed to a multiyear contract with the New York Knicks.
- The deal is reportedly worth more than $14 million over three years.
- Alvarado declined his $4.5 million player option for the next season to sign the new contract.
- The Knicks are operating with a tight budget and aim to stay below the second apron.
- Alvarado was acquired by the Knicks during the season and played a key role in their championship run.
Jose Alvarado is set to return to the New York Knicks on a three-year contract valued at over $14 million, according to multiple reports. Alvarado declined his $4.5 million player option for the upcoming season to sign the new, multiyear deal. This move aligns with the Knicks' strategy to manage their finances and stay below the NBA's second apron, a directive from owner James Dolan. Alvarado, a Brooklyn native, was acquired mid-season and became a crucial bench player, contributing to the Knicks' championship victory. He notably scored eight points in the fourth quarter of Game 4 of the NBA Finals, helping the team overcome a 29-point deficit. President Leon Rose highlighted Alvarado's acquisition as a key move in building the championship team, emphasizing his need for another ball-handler. The Knicks still have other free agents to address while managing their budget.