The New York Knicks are officially giving it another go with Grand Theft.
Knicks guard Jose Alvarado is finalizing a new three-year, $14-plus million contract to return to the team, Shams Charania of ESPN reported on Friday. Charania adds that Alvarado is declining his $4.5 million player option for next season in order to facilitate the new deal.
The 28-year-old Alvarado, a former undrafted player, arrived on the Knicks in a February trade with the New Orleans Pelicans. He had a limited role off the bench for the team during the regular season but proved to be a difference-maker down the stretch of their NBA championship run.
Alvarado came alive in the playoffs, shooting 35.3 percent from 3 and providing much-needed relief at point guard whenever star player Jalen Brunson had to sit. On top of that, Alvarado helped facilitate the Knicks’ historic 29-point comeback against the San Antonio Spurs in Game 4 of the NBA Finals. Playing alongside Brunson down the stretch of the second half, Alvarado was crucial to the comeback by providing the Knicks with another ball-handler and three-point shooter to help change the anatomy of the game.
Though he is only securing a marginal increase in pay after his impressive postseason, Alvarado is at least getting some longer-term security to remain with the Knicks. Also notably a native of New York, Alvarado gets the added benefit of being able to stay home.
That said, some other members of the Knicks’ 2026 championship team might not be as lucky. We just heard earlier this week that two notable Knicks are not expected to be back next season.
