The Knicks have a long way to go to secure their valuable bench for next year's title defense, but they have reportedly locked up at least one of their key contributors.
According to ESPN NBA insider Shams Charania, Jose Alvarado declined his $4.5 million player option and signed a three-year, $14-plus million deal to secure more long-term security and remain with his hometown team.
"I'm home," the Brooklyn native posted on social media shortly after the news broke.
Alvarado, a key midseason acquisition in a trade with the Pelicans, became a crucial bench piece for head coach Mike Brown, bringing feisty backcourt defense and another ball handler that the Knicks desperately needed. He was a pivotal piece in the Knicks' historic game four comeback against the Spurs in the NBA Finals, playing crucial minutes down the stretch of that game and helping ease some of the pressure off of Jalen Brunson, who dealt with San Antonio's relentless backcourt defense all night.
In 69 games last season, Alvarado averaged 7.4 points and 3.4 assists per game, shooting 41.6 percent from the field and 35.2 percent from downtown. He played just under 17 minutes per game after coming to the Knicks.
Alvarado's new contract will pay him a similar salary than he would have received if he picked up his player option, but the extension gives him more security and gives the Knicks a solid bench piece at a good value. Now, the challenge shifts to retaining other key bench players like Mitchell Robinson and Landry Shamet while staying below the second apron, which has notably become a mandate with owner James Dolan since the season ended.
The Brooklyn native declined his player option and signed a three-year deal.
The Brooklyn native declined his player option and signed a three-year deal.
