- Ian Begley, ESPN New York Writer
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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.
Pablo Prigioni also will return to the Knicks, on a three-year deal, according to his agent.
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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.