The New York Knicks have been linked to the New Orleans Pelicans guard Jose Alvarado for quite some time.
As the Knicks faded away from the Giannis Antetokounmpo sweepstakes, they accepted that making some smaller moves to help support the current core was the direction they needed go. Alvarado will be an important addition to the bench unit behind Jalen Brunson.
The Knicks reportedly traded for Alvarado by flipping Dalen Terry and two second-round picks. New York acquired Terry in an overnight trade with the Chicago Bulls. That deal sent the veteran forward Guerschon Yabusele packing.
With the New Orleans Pelicans, Alvarado appeared in 41 games off the bench this year. Seeing the court for 21.9 minutes per game, the backup guard produced 7.9 points per game, while shooting 41 percent from beyond the arc. He also came down with 2.8 rebounds per game, while dishing out 3.1 assists.
A Look at Jose Alvarado’s Contract
The Knicks pick up a productive player, who the league views as being on a bargain contract. The 27-year-old inked a two-year deal with the Pelicans, worth just under $10 million. This year, Alvarado is making a reported $4.5 million.
Next season, Alvarado will have to make a decision on his player option, which is worth another $4.5 million for the 2026-2027 season.
Playing for a major market team in New York, who is expected to make a deep playoff run, Alvarado could set himself up for a favorable opportunity to drive up his value. If all goes right, he could hit the open market and renegotiate this summer. If he’s comfortable on the current deal, Alvarado could return to the Knicks on his modest salary.
Since 2021, Alvarado has been a productive player. He entered the NBA as an undrafted prospect out of Georgia Tech. Landing on a struggling Pelicans team ended up being an ideal situation for Alvarado, who got immediate playing time and showed great value as a two-way difference-maker.
The 2024-2025 season was his most productive. Alvarado shot the ball at a 35 percent clip from deep and averaged 10.3 points per game. He dished out 4.6 assists per game and came up with 1.3 steals.
When it comes to the playoffs, Alvarado was a part of two runs with the Pelicans. Across 10 postseason games, Alvarado posted averages of 5.5 points, 2.3 assists, and 1.0 rebounds, while shooting 35 percent from the field.
The next few months will be critical for Alvarado’s future as he’s entering a high-pressure situation in his home state.
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