J.R. Smith and the Knicks have agreed to a contract that will bring Smith back to New York for at least one more year, tweets Ian Begley of ESPNNewYork.com. Smith will sign a two-year deal with a first-year salary of about $2.8MM and a second-year player option, according to Begley.
After putting up 12.5 points, 3.9 rebounds and 2.4 assists per game while shooting 40 percent from the field and 34.7 percent from beyond the arc in 35 regular season games, Smith is going to get a 20 percent raise and some job security via a player option for the 2013-14 season
New York is likely going to retain emergent point guard Jeremy Lin and have already re-signed three-point specialist Steve Novak. It also added veteran center Marcus Camby to the roster to give depth behind incumbent Defensive Player of the Year Tyson Chandler.