Jose Alvarado is set to return to the New York Knicks after declining his $4.5 million player option and agreeing to terms on a new three-year deal worth more than $14 million.
The move keeps Alvarado in New York on a longer-term agreement rather than having him play out the final year of his previous contract. His decision provides clarity for both sides as the Knicks continue shaping their roster.
Alvarado’s new contract is expected to secure his place with the franchise for the next three seasons, giving the Knicks continuity in their backcourt rotation.