Jose Alvarado is set to return to the New York Knicks on a reported $14 million contract after declining a player option, according to multiple outlets. The agreement brings clarity to an early point in the Knicks’ offseason planning, confirming that Alvarado remains with the franchise rather than testing other options. While the reports focus on the contract amount and his decision regarding the player option, they do not provide additional detailed terms such as contract length or incentives. The decision to decline the option indicates Alvarado and the Knicks move forward on a new deal rather than continuing under the option structure. With Alvarado returning, the Knicks secure a guard to continue their backcourt rotation, while completing another piece of their offseason roster management.