The word throughout the season was that J.R. Smith-- signed to a weird, little minimum contract with the Knicks after returning from China mid-season-- would decline his $2.5 million player option for 2012-2013. Smith, the logic went, would stand to earn more money over more years elsewhere than he would here in New York, so he was most assuredly headed out at season's end. Now, though, Marc Berman's sources (and they're the only ones I've seen reporting this so far) suggest that Smith might actually be inclined to opt in:
In fact, the Post has learned Smith is leaning toward opting into the final year of his contract with the new CBA’s structure for middle class players. Smith stands to make $2.5 million next season, but his lousy playoff in which he shot 31 percent could lead him to return.
That sentence is the lone suggestion of an opt-in on the internet (that I've seen), so take that for what it's worth. It does make some sense that Smith would opt in, either because his shitty series against the Heat depleted his perceived value or because he's part of the vast CAA/MSG cOnSpiRaCy that also has Mike Woodson switching agents.
We shall see. This is but a rumor. It's all rumors at this point in the year.