May 18, 2013; Indianapolis, IN, USA; New York Knicks guard J.R. Smith (8) reacts to losing to the Indiana Pacers in game six of the second round of the 2013 NBA Playoffs at Bankers Life Fieldhouse. Indiana defeats New York 106-99. Mandatory Credit: Brian Spurlock-USA TODAY Sports

J.R. Smith Contract With New York Knicks Only Three Years, Not Four

When initial reports leaked that J.R. Smith had re-signed with the New York Knicks, the contract was valued at over $24 million for four years. However, that figure is incorrect according to the New York Times.

According to Howard Beck, Smith actually signed a two year deal with a player option on the third season – there is no fourth year involved.

Smith’s deal covers a maximum of three years, with a total value of $17.95 million, not the four years and $24.5 million that was widely reported, including in The New York Times, last week.

The precise terms were confirmed Tuesday by a rival team executive and a second person with access to the contract. Despite the intense scrutiny of the deal, Knicks General Manager Glen Grunwald made no attempt to correct the erroneous reports during a 16-minute conference call with reporters Tuesday.

The contract will pay Smith $5.57 million for the upcoming season, $5.98 for the 2014-15 season and $6.4 million dollars in the third season, which again is a player option.

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