Brooklyn’s in the house … Madison Square Garden, to be precise.
Per Shams Charania of ESPN, Jose Alvarado will return to the New York Knicks on a three-year deal worth over $14 million. Alvarado turned down the $4.5 million player option that came over from the New Orleans Pelicans when the Knicks traded for his services at this year’s trade deadline.
The Brooklyn native Alvarado, a graduate of Christ the King High School in Queens, wasted no time winning over Knicks fans with his metropolitan heritage and defensive tenacity. He averaged 6.6 points and 3.8 assists in 28 regular-season appearances and proved to be a valuable depth star during the run to the victorious NBA Finals.
“Grand Theft Alvarado” is best known for his defense, posting the team’s best rating during the 19-game playoff run (albeit at under 10 minutes per game). His offensive prowess during the NBA Finals, however, forever etched him in Knicks history.
Alvarado was part of the closing lineup that helped complete the largest in finals history, and five straight points in the final act permanently placed momentum in New York’s corner. To say he was perfect for the Knicks’ playoff run is an understatement.
The Knicks were an average of plus-4 on the scoreboard when Alvarado was on the floor during the Finals, good for second-best among all reserves.
“When you talk about somebody who not only lives up to the moment but plays with his emotion, and utilizes that to his advantage, that’s a rare quality,” Karl-Anthony Towns said of Alvarado after Game 4, per Jeff Zillgit of NBA.com. “A lot of times, you play with a lot of people, and they play with emotion, but it gets the better of them. For Jose, that emotion is what drives him and makes him take it to another level.”
“He has so much to his basketball game that people don’t give credit to, and I’m glad on this stage on a night like this, he was able to show the world what he can do when he’s given a chance. Jose Alvarado clearly told everyone in the world tonight he’s a big-time player.”
NBA cap expert Yossi Gozlan projected Alvarado’s 2026-27 salary could linger at $4.5 million. That would leave the Knicks $9.8 million in space to work with before the second apron kicks in.
The Knicks have made an apparent commitment to staying under the second apron as they try to retain free-agent depth stars like Alvarado, Jordan Clarkson, Mitchell Robinson, and Landry Shamet.
