The Knicks are bringing back guard Jose Alvarado on a three-year contract worth more than $14 million, according to Shams Charania of ESPN.
Alvarado will turn down his $4.5 million player option for next season to make the move official.
Multiple reports put the total value right around $15 million. Steve Popper of Newsday confirmed the agreement and heard that number.
Alvarado grew up in New York. The Brooklyn native played high school ball in Queens, and he made his feelings clear with a quick social media post. He simply wrote, “I’m Home,” along with orange and blue heart emojis.
The guard went undrafted in 2021 after a strong career at Georgia Tech. He started out on a two-way deal with the Pelicans and earned a standard contract by the end of his rookie year.
Alvarado spent more than four seasons in New Orleans before the Pelicans traded him to the Knicks ahead of the February deadline. The 28-year-old put up 7.4 points, 3.4 assists, 2.5 rebounds and 1.0 steal per game on 41.6 percent shooting from the field, 35.2 percent from three-point range and 76.1 percent from the free-throw line across 69 regular-season games.
He averaged 19.9 minutes in that stretch while splitting time between the two teams.
His role dipped in the playoffs, where he played just 9.4 minutes per game. Even so, he delivered some big moments in the NBA Finals.
He went 3 for 3 from the field for eight points in the fourth quarter of Game 4 as the Knicks erased a 29-point deficit for the win. New York went on to capture its first championship in 53 years.
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