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Jose Alvarado Declines Option, Signs Three-Year Knicks Deal
Jose Alvarado turned down his $4.5 million player option and agreed to a three-year contract worth more than $14 million with the Knicks. The deal lowers his average annual salary to help the team stay below the second apron.
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Jose Alvarado declined his $4.5 million player option for the 2026-27 season and instead signed a three-year contract worth more than $14 million with the Knicks. The new deal carries a lower average annual value than the option year, a structure that aligns with the team's effort to remain below the second apron.
Alvarado's original deadline was Monday, but the sides agreed to extend the decision window until Friday after the NBA draft. The multiyear agreement gives the Knicks roster flexibility while keeping total payroll commitments within owner James Dolan's stated budget limits.
He was acquired just before the trade deadline after the team first sent away Guerschon Yabusele. His minutes increased in the postseason, and he scored eight points with two three-pointers in the Knicks' 107-106 Game 4 Finals victory.
Rose called the signing one of the organization's best under-the-radar moves.
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