The Knicks announced Wednesday that they re-signed J.R. Smith and acquired Marcus Camby via a sign-and-trade with the Rockets.
While the Knicks didn't disclose the terms of Smith's contract, sources said he inked a two-year contract worth $2.8 million (a 20 percent increase of his previous year's salary using a non-Bird exception). The deal is guaranteed for the first season and contains a player option for the second season.
The Knicks received Camby in exchange for Toney Douglas, Josh Harrellson, Jerome Jordan and two future second-round draft picks.
"It's exciting when you get the chance to bring a former Knick like Marcus Camby back home," GM Glen Grunwald said in a statement. "His defensive presence, shot-blocking ability and offensive board work will give us nice depth in our frontcourt. In addition, our fan base is very fond of him for what he accomplished here during his four seasons. I also have a great appreciation of Marcus after the time we spent together in Toronto."
The Knicks will soon sign Jason Kidd, likely using their mid-level exception of $3.09 million. The team could reportedly use a small portion of that amount to sign a veteran point guard. One candidate is unrestricted free agent Mike James, whose agent, Bernie Lee, will be meeting with the Knicks to discuss his client later this week in Las Vegas, where the team is participating in summer league. James played this past year on the Knicks' D-League team, the Erie Bayhawks, and was very close to being called up before Jeremy Lin's breakthrough.
Two other point guards in the conversation include unrestricted free agent John Lucas III, also repped by Lee, and Pablo Prigioni, an Argentinian who has already met with the Knicks. The Knicks are also in the market for a combo/shooting guard off the bench, according to a source familiar with the team's free-agency plans. Those could include unrestricted free agents Marquis Daniels, Keyon Dooling, Jonny Flynn, Willie Green, Jannero Pargo and Delonte West.
Speaking of guards, the Knicks are planning to match Lin's offer sheet with the Rockets for three years, $28.8 million.
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