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 calls for Smith to make $5.57 million next season and $5.98 million in 2014-15, with a third-year player option at $6.4 million. It is still a considerable commitment for a player with a checkered career and now a surgically repaired left knee. But Grunwald betrayed no concern on Tuesday.

nyk4ever wrote:i don't get how people can get on this contract. the rhetoric is unbelievable - $5.57m for a "player with a checkered career and surgically repaired knee" but let's forget he just happened to average 18pts and 5rebs a game last year. i swear, some of these reporters really do think they are holier than thou...

Bonn1997 wrote:It's not a bad contract but I didn't want him taking up any cap space in 2015.

Right now we've got only these contracts on the 2015-16 roster:

Felton   - $4.5 mil
Shumpert - $3.8
Hardwawy - $1.3
Smith ?  - $6.4 If he opts in.

basically this is nothing to really worry about cap wise. The Knicks can still reboot at that point and chances are that JR won't opt in, but will try to get a longer deal.

CrushAlot wrote:

nyk4ever wrote:i don't get how people can get on this contract. the rhetoric is unbelievable - $5.57m for a "player with a checkered career and surgically repaired knee" but let's forget he just happened to average 18pts and 5rebs a game last year. i swear, some of these reporters really do think they are holier than thou...

A lot of posters have been very anti this contract and one of the complaints was that it was 4 years. Hopefully this eases their concerns. Smith signing in my opinion had to happen/

Eases ALL concerns. 2015 is back in order

newyorknewyork wrote:

Bonn1997 wrote:

nixluva wrote:

Bonn1997 wrote:It's not a bad contract but I didn't want him taking up any cap space in 2015.

Right now we've got only these contracts on the 2015-16 roster:

Felton   - $4.5 mil
Shumpert - $3.8
Hardwawy - $1.3
Smith ?  - $6.4 If he opts in.

basically this is nothing to really worry about cap wise. The Knicks can still reboot at that point and chances are that JR won't opt in, but will try to get a longer deal.

That's $16 mil already (and I thought Shump's cap hold was $7 mil). I'd rather have room for another max contract player at $16 mil and then have vet min players fill out the roster.

Felton is a player option and could be moved for a 2nd rd pick. Smith has a play option and could be moved for a 2nd rd pick. Hardaway's 1.3 mil should be a team option by this time as would be moveable. Shumpert if we were dedicated to cap space could be had for a draft pick at the draft before free agency.

Bonn1997 wrote:

newyorknewyork wrote:

Bonn1997 wrote:

nixluva wrote:

Bonn1997 wrote:It's not a bad contract but I didn't want him taking up any cap space in 2015.

Right now we've got only these contracts on the 2015-16 roster:

Felton   - $4.5 mil
Shumpert - $3.8
Hardwawy - $1.3
Smith ?  - $6.4 If he opts in.

basically this is nothing to really worry about cap wise. The Knicks can still reboot at that point and chances are that JR won't opt in, but will try to get a longer deal.

That's $16 mil already (and I thought Shump's cap hold was $7 mil). I'd rather have room for another max contract player at $16 mil and then have vet min players fill out the roster.

Felton is a player option and could be moved for a 2nd rd pick. Smith has a play option and could be moved for a 2nd rd pick. Hardaway's 1.3 mil should be a team option by this time as would be moveable. Shumpert if we were dedicated to cap space could be had for a draft pick at the draft before free agency.

That depends on how Felton and Smith age but you're probably right that they could be moved for 2nd round picks.

Yes, the point is not necessarily to have ZERO payroll on the books. The point is to have players that are worth their contracts. As long as players are not overpaid, you can use them in all sorts of deals, and you can have all types of flexiblity. In theory, you could package guys up and do a 3-for-1 deal for another star who doesn't like his situation.