Knicks, Jose Alvarado Agree To Three-Year Deal

Steve Popper of Newsday, who confirms (via Twitter) the news, hears Alvarado’s new deal is worth around $15MM, and so does NBA insider Chris Haynes (Twitter link).

Alvarado, a New York native who was born in Brooklyn and played his high school ball in Queens, sent out a tweet that says, “I’m Home” followed by orange and blue heart emojis.

Alvarado went undrafted in 2021 after starring in college at Georgia Tech. He originally signed a two-way contract with New Orleans, but was promoted to a standard deal at the end of his rookie season.

After spending his first four-plus years with the Pelicans, Alvarado was traded to the Knicks ahead of the February deadline. The 28-year-old averaged 7.4 points, 3.4 assists, 2.5 rebounds and 1.0 steal on .416/.352/.761 shooting in 69 regular season games (19.9 minutes per contest) with the Pelicans and Knicks in 2025/26.

While Alvarado’s role was reduced in the playoffs (9.4 MPG), he had some key moments in the NBA Finals, memorably going 3-for-3 from the field for eight fourth-quarter points as New York erased a 29-point deficit to win Game 4. The Knicks went on to win their first championship in 53 years.

Yossi Gozlan of Third Apron tentatively projects the Knicks to be about $9.8MM below the second apron with three or four roster spots left to fill (Twitter link). Fred Katz of The Athletic reported on Friday that the Knicks’ front office prefers to exceed that threshold to re-sign the team’s key free agents, but owner James Dolan currently remains opposed to that idea.

As our tracker shows, while Alvarado will be back with his hometown team, New York still has eight other free agent reserves, including Mitchell Robinson and Landry Shamet, among others.