NEW YORK (AP) — Jose Alvarado is sticking with the New York Knicks, agreeing to a multiyear contract with the NBA champions, a person familiar with the situation told The Associated Press on Friday.
Alvarado chose to opt out of his existing player option and is working toward a three-year agreement with the team, according to the source, who spoke anonymously because the deal had not yet been officially finalized. ESPN was first to report the news, noting that the new contract would be worth more than $14 million — a significant jump from the $4.5 million player option he walked away from.
The guard had originally been traded to New York from New Orleans during the regular season, bringing him back to his hometown. Alvarado, a Brooklyn native who went to Christ the King High School, joined the Knicks on February 5.
He wasted no time expressing his feelings about the new deal. “I’m home,” Alvarado posted on X, adding a string of orange and blue hearts to drive the point home.
While Alvarado served mostly as a backup to All-Star Jalen Brunson throughout the season, he made his presence felt on the biggest stage. In Game 4 of the NBA Finals — a 107-106 Knicks victory over San Antonio — Alvarado shared the floor with Brunson for much of the fourth quarter as New York mounted a historic comeback from 29 points down. Alvarado contributed eight points and three assists in that final period alone.
