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.