The New York Knicks and free agent J.R. Smith have agreed to terms on a four-year, $24.7 million contract, the guard's agent, Leon Rose, said Thursday morning.
The contract is the maximum amount the Knicks can offer Smith via the Early Bird Rights, which allows a team to offer the average player salary with standard annual raises of 7.5 percent. The league's financial figures for 2013-14 will be released next week, but the average salary is projected at approximately $5.5 million.
According to a league source, Smith's deal contains a player option in the fourth and final year.
Rose said Smith had other offers, but he wanted to stay in New York. Earl Smith Sr. J.R.'s father, said on Wednesday that his son had drawn interest. A league source said the Milwaukee Bucks, Detroit Pistons and Dallas Mavericks were among those to show interest in Smith earlier in the week.
Smith, though, has a strong relationship with Knicks coach Mike Woodson, and the Freehold, N.J., product enjoys playing close to his family. Those likely factored into his decision to stay in New York.
The 27-year-old averaged 18.1 points and 5.3 rebounds per game last season, in which he won the league's Sixth Man of the Year award. He played an integral role in the Knicks' regular-season success but struggled mightily in the playoffs, making just 33 percent of his field goals.
Signings can't become official until the league-wide moratorium is lifted on July 10.