Guard Jose Alvarado is staying with the New York Knicks, agreeing to a three-year deal worth more than $14.5 million, according to a report from ESPN published Friday.
Alvarado, who served as an important reserve for the reigning NBA champions, had opted out of a $4.5 million player option for the upcoming season, according to multiple reports.
The Brooklyn native took to social media Friday to announce his return, writing “I’m Home” on X and finishing the post with a string of orange and blue hearts — the Knicks’ team colors.
The 28-year-old joined New York from the New Orleans Pelicans ahead of the NBA trade deadline in February. During the regular season, he appeared in 28 games — starting three — and put up averages of 6.6 points, 3.8 assists, 1.0 steals and 16.9 minutes per game.
That trade also included forward Latavious Williams heading to New York, while the Pelicans received guard Dalen Terry, cash, a 2022 second-round draft pick — which was later used to select Jaron Pierre Jr. — and a 2027 second-round pick.
In the postseason, Alvarado contributed off the bench in 18 playoff games, averaging 4.2 points, 1.2 assists and 9.4 minutes per contest as the Knicks claimed their first NBA championship in 53 years.
Alvarado went undrafted out of Georgia Tech and has built his career with the Pelicans from 2021 to 2026 and the Knicks. Across 296 career games and 37 starts, he averages 8.0 points, 3.2 assists, 2.3 rebounds, 1.1 steals and 20.0 minutes per game.
