Knicks bring back Jose Alvarado on three-year deal worth about $15 million
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The New York Knicks have reached a three-year agreement with guard Jose Alvarado valued at slightly more than $14 million, multiple outlets reported Wednesday. Several reports, including one from ESPN’s Shams Charania, place the total near $15 million.
To finalize the contract, the 28-year-old will decline his $4.5 million player option for the 2024-25 season. The Brooklyn native acknowledged the decision on social media, posting “Im Home” alongside orange and blue heart emojis.
Alvarado entered the NBA undrafted out of Georgia Tech in 2021, earning a two-way deal with the New Orleans Pelicans before converting it into a standard contract later that rookie season. He spent more than four seasons with New Orleans before being traded to New York at February’s deadline.
Across 69 regular-season games split between the Pelicans and Knicks last year, the 6-foot guard averaged 7.4 points, 3.4 assists, 2.5 rebounds and 1.0 steal in 19.9 minutes, shooting 41.6 percent from the field, 35.2 percent from three-point range and 76.1 percent at the line.
His playing time fell to 9.4 minutes per contest in the postseason, but he provided a pivotal spark in the NBA Finals. In Game 4, Alvarado scored eight points on 3-for-3 shooting during the fourth quarter as New York erased a 29-point deficit, a victory that helped the franchise capture its first championship in 53 years.
Source: Hoops Wire
