The New York Knicks got Jose Alvarado back on a three-year deal worth just over $14 million. That saves them roughly $200,000 against the cap next season compared to the $4.5 million player option he turned down. Not nothing. But not a cure-all either.
New York is living right up against the second apron. Owner James Dolan reportedly doesn’t want to cross it. So every dollar counts. The problem is that $200,000 doesn’t get you very far when you’re trying to keep a championship roster together.
Let’s talk about what the Knicks are actually up against right now. They have 10 players signed. They need at least three more bodies. The two biggest question marks are Mitchell Robinson and Landry Shamet. Both played meaningful roles in that 2026 title run. Both might be playing elsewhere next season.
Robinson is the tougher one. New York can offer him around $15 million. But the rumor mill has him looking at offers north of $25 million a year. That gap is real. If he walks, the Knicks need a backup center. Ariel Hukporti is already on the books for $2.5 million. He’s cheap but unproven. Is he ready to log serious minutes in a repeat bid? That’s a gamble.
Shamet is a more complicated math problem. The Knicks have his Early Bird Rights. That means they can pay him up to roughly $15 million annually. But even a $10 million deal for Shamet creates a roster crunch. Sign him at that number, fill out the bench with minimum deals, and you’re looking at maybe $4 million left to sign two more players. That doesn’t leave room for someone like Kevin McCullar or a veteran minimum guy you actually trust.
There are other levers to pull. The Knicks could trade Pacome Dadiet or Tyler Kolek. Moving Kolek for a rookie minimum saves less than $1 million. Trading Miles McBride saves more money but costs you a legit rotation piece. Dadiet is still an unknown with some upside but no real trade value yet. None of these options are clean.
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What the Knicks really need is Shamet to be patient. And maybe take a little less money. That’s not a great position to be in for a front office that just won a title. You’re hoping a guy who already sacrificed minutes and paychecks will do it again because he likes the vibes.
Alvarado’s deal was smart. It locks up a good backup point guard who wants to be in New York. It doesn’t add any extra money to next year’s cap. But it also doesn’t solve the fundamental math problem. The Knicks still have cap gymnastics ahead of them. If they botch this, the chance at being the first repeat champion in eight years gets a lot smaller than it looked a week ago.
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