JR Smith opted out of his contract with the New York Knicks, not taking his player-option. However, it seems that the 26-year-old is looking to re-sign to stay in the Big Apple still.
Per the New York Times:
J.R. Smith will decline his Knicks contract option Tuesday, but with the intent of re-signing under more lucrative terms, according to a person with knowledge of the situation. Smith’s option for next season is worth $2.4 million. As a free agent, he would be eligible for a 20 percent raise, to about $2.8 million, and he could earn up to $12.2 million over four years (including 4.5 percent raises). Alternatively, Smith could re-sign for one year, earn his ‘early-Bird’ rights and qualify for a salary of at least $5.3 million in 2013-14. Either way, opting out makes financial sense for Smith, a 26-year-old swingman. Under N.B.A. rules, Smith will qualify for a ‘non-Bird’ free agent contract. Therefore, the Knicks will not need to use their midlevel exception to re-sign him unless he demands more than $2.8 million. Nor will re-signing Smith have any effect on the Knicks’ ability to re-sign Jeremy Lin, Steve Novak or Landry Fields.
Smith did pretty well off the bench last season, averaging 12.5 points per game. We’ll see how he does as the Knicks look to be championship-contenders next season.
Original Story:
http://www.footbasket.com/2012/06/26/...
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June 25, 2012
