Alvarado Stays With Knicks
Knicks Re-Sign Jose Alvarado to 3-Year, $14M Deal for Bench Depth
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Key Points
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In the playoffs, Alvarado contributed off the bench with 4.2 points, 1.4 rebounds and 1.2 assists in about 9 minutes per game across 18 games, including a 12-point, two 3-pointers performance in 11 minutes in Game 5 vs. Atlanta to help the Knicks grab a 3-2 series lead.
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Shams Charania was the first to report the three-year, more-than-$14 million deal, and the Knicks had prioritized retaining Alvarado this offseason to preserve a key guard role after acquiring him from the Pelicans midseason.
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Alvarado publicly signaled his return to New York with an 'I'm home' post on X, accompanied by orange and blue heart emojis, underscoring his hometown ties and commitment to the Knicks.
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The deal averages roughly $4.67 million per year and is framed as cost-effective depth for the Knicks, aligning with the team's strategy to manage second-apron financial constraints ahead of the 2026 offseason.
The New York Knicks have locked up guard Jose Alvarado on a three-year deal worth more than $14 million, ESPN reported on June 26. Alvarado, a Brooklyn native, declined his $4.5 million player option to sign the longer-term contract, securing his future with the defending NBA champions.
The deal averages roughly $4.67 million per year. Alvarado came to New York at the February trade deadline and quickly became a fan favorite at Madison Square Garden. He confirmed the news himself with an "I'm Home" post on X, complete with orange and blue heart emojis.
From Midseason Trade to Championship Role Player
The Knicks acquired Alvarado from the New Orleans Pelicans on February 5 in exchange for Dalen Terry, two future second-round picks, and cash. He stepped into a key bench role right away. New York needed a backup guard after Miles McBride suffered a core muscle injury, according to Heavy Sports.
Alvarado played 18 playoff games and averaged 4.2 points, 1.4 rebounds, and 1.2 assists in just 9.4 minutes per game. His biggest moment came in Game 5 against the Atlanta Hawks. He scored 12 points and hit two 3-pointers in 11 minutes to help New York grab a 3-2 series lead. The Knicks went on to beat the San Antonio Spurs in Game 5 of the Finals for their first title in 53 years.
A Hometown Kid Signs a Team-Friendly Deal
Alvarado grew up in Brooklyn and attended Christ the King High School in Queens. His return to New York is a homecoming story the city has embraced. He told reporters: "It's amazing. I can't really put it into words... just to be in this jersey and be able to lock in a little more within this organization," per SNY.
Alvarado and the Knicks pushed back the deadline for his player option from June 22 to June 26 to give the front office time to work through the NBA Draft, Hoops Rumors reported. Once the draft was done, the deal came together fast. ESPN's Shams Charania broke the news at 5:13 PM on June 26.
Owner's Cap Warning Shapes Every Roster Move
Knicks owner James Dolan set a firm spending limit for the front office. On June 17, he appeared on WFAN and said going over the NBA's "second apron" would be "suicidal," per Front Office Sports. The second apron is a salary threshold — set at $221.7 million — that limits a team's ability to add players and make trades.
The Alvarado deal keeps New York roughly $10.8 million below that line, according to cap analyst Yossi Gozlan. That room is needed to fill three or four remaining roster spots. The Athletic's Fred Katz reported that the front office wanted to spend past the apron but was overruled by ownership.
Alvarado's Return Likely Means Others Must Go
Keeping Alvarado is not free of consequences. To stay below the second apron, the Knicks are widely expected to lose center Mitchell Robinson and reserve shooter Landry Shamet in free agency, per SNY and Front Office Sports. Both are set to become free agents this summer.
ESPN's Bobby Marks noted that the first year of Alvarado's deal likely mirrors the $4.5 million he turned down, giving him security without spiking the Knicks' cap hit right away. His role is clear: start next season as the primary backup to Finals MVP Jalen Brunson and bring the same defensive pressure — earned him the nickname "Grand Theft Alvarado" — that fueled the championship run.
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