Knicks re-sign Jose Alvarado to three-year deal worth over $14 million

The New York Knicks have re-signed guard Jose Alvarado to a three-year contract valued at more than $14 million. Alvarado opted out of his previous $4.5 million player option before agreeing to the new deal, which reflects his significant contributions during the playoffs, in Game 4 of the NBA Finals. The Knicks emphasize retaining him after his pivotal role in their playoff success, despite financial constraints that may limit their ability to keep other key free agents such as Jordan Clarkson and Mitchell Robinson. Knicks owner James Dolan highlighted concerns about exceeding the salary cap's second apron.

• 9:25 PMYahoo Sports — Knicks re-signing key bench player to 3-year deal