New York Knicks guard Jose Alvarado is declining his $5.4 million player option for the upcoming season and is finalizing a new three-year, $15 million deal to return to the franchise, according to Chris Haynes of Bleacher Report.
The veteran guard was a key contributor for the Knicks during their recent championship run. By opting out of the final year of his previous contract, Alvarado secures a longer-term commitment from the front office as the team looks to defend its title. The new agreement will keep the defensive specialist in New York through the 2026-27 season at an average annual value of $5 million per year.
This move allows the Knicks to maintain continuity within their backcourt rotation while providing Alvarado with financial security following his impactful performance in the postseason. The deal ensures that the reigning champions retain one of their most energetic bench players as they prepare for another deep playoff push next year.
Further details regarding the specific structure of the contract or potential performance incentives have not yet been disclosed by the team or the player's representation. Alvarado has become a fan favorite in New York for his high-motor playstyle and defensive prowess.
This is a developing story. Check back for updates.
Sources & Original Reporting
