As expected, J.R. Smith will opt out of the final year of his contract with the Knicks worth $2.9 million and become an unrestricted free agent. However, the Sixth Man of the Year will likely re-sign with the team using the Early Bird exception which would allow them to sign him for up to four years.
The most the Knicks could offer in year one of a deal would be $5.58 million with annual raises of up to 7.5 percent of his salary in the first year, so if he were to receive the maximum $5.58 million, that would be $418,000.
According to Jared Zwerling, ESPN New York:
J.R. Smith will not opt in with the New York Knicks, declining his player option of $2.9 million, a league source confirmed with ESPNNewYork.com.
Another league source said it’s “likely” Smith will re-sign with the Knicks come free agency (starting July 1), putting their roster at eight players under contract for next season….