Guard Jose Alvarado has agreed to a new three-year contract worth over $14 million to remain with the New York Knicks, according to reports from ESPN and NBA.
com.
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The Brooklyn native declined his $4.5 million player option to secure the multiyear deal with the reigning NBA champions.
Alvarado joined the Knicks on February 5 via a midseason trade from the New Orleans Pelicans.
The undrafted guard out of Georgia Tech quickly became a fan favorite, averaging 6.6 points, 3.8 assists, and one steal per game in 28 regular-season appearances.
Although his playing time dropped from 16.9 minutes per game in the regular season to 9.4 minutes in the postseason, Alvarado delivered a key performance in Game 4 of the NBA Finals.
He scored eight points, three assists, and two rebounds over the final 10 minutes, helping Finals MVP Jalen Brunson overcome a 29-point deficit to beat the San Antonio Spurs 107-106.
Following the announcement, Alvarado expressed his excitement on social media, posting, "I'm Home."
The signing marks a significant financial milestone for Alvarado, who previously earned $11.5 million over five NBA seasons after starting on a G League two-way contract, according to Spotrac.
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ESPN insider Shams Charania broke the news, noting the Knicks made retaining Alvarado a priority.
Yahoo Sports reported that the contract's average annual value remains neutral relative to the salary cap, leaving the franchise with limited room below the second apron as Mitchell Robinson, Landry Shamet, and Jordan Clarkson head into free agency.
Knicks head coach Mike Brown praised Alvarado's impact shortly after his arrival, saying, "He's been good. The quickness is irreplaceable.
It gives us a different look."
Brown credited team president Leon Rose for executing the trade, adding, "He's different in a way that kind of stands out.
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The energy on top of the quickness that he brings to the table, every time we step on the floor, is irreplaceable."
