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Source: J.R. Smith won't opt in

Updated: June 4, 2013, 12:13 PM ET
By Jared Zwerling | Special to ESPNNewYork.com

J.R. Smith will not opt in with the New York Knicks, declining his player option of $2.9 million, a league source confirmed with ESPNNewYork.com.

Smith will officially announce the decision before June 30, making him an unrestricted free agent.

It was reported by the New York Post last month that Smith was "expected" to opt out. The Knicks can re-sign Smith for $4.9 million using the Early Bird exception, with standard raises over four years.

Another league source ...

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