New York Knicks re‑sign guard Jose Alvarado to three‑year $14 M deal

Brooklyn‑born point guard Jose Alvarado has agreed to a new three‑year contract with the New York Knicks worth just over $14 million, declining his $4.5 million player option for the 2027 season. The 28‑year‑old, who entered the NBA undrafted out of Georgia Tech and was acquired from the New Orleans Pelicans in February 2026, became a key defensive piece in New York’s championship run, famously helping spark the team’s historic comeback in Game 4 of the NBA Finals against the San Antonio Spurs. Alvarado’s style earned him the nickname “Grand Theft Alvarado,” and his post‑contract tweet read, “I’m Home” accompanied by orange and blue heart emojis. The deal, confirmed by league sources and reported by ESPN and the Associated Press, aligns with owner James Dolan’s strategy to stay below the NBA’s second luxury‑tax apron while retaining essential depth; the Knicks have also extended Mohamed Diawara and are evaluating other roster moves. Knicks president Leon Rose praised the signing, saying, “That was huge… we needed another ball handler,” underscoring Alvarado’s role in providing a reliable backup to starter Jalen Brunson and maintaining the team’s defensive identity.