The Knicks will re-sign Steve Novak.

Apr. 13, 2012; New York, NY, USA; New York Knicks small forward Steve Novak (16) shoots a three-pointer during the second half against the Washington Wizards at Madison Square Garden. Knicks won 103-65. Mandatory Credit: Debby Wong-US PRESSWIRE

Breaking news at this hour! Novakaine lives! As expected, Steve Novak has agreed to re-sign with the Knicks. Man's getting paid, too. Ken Berger has the news and the details:

The Knicks and Steve Novak have reached agreement on a multi-year contract, agent Mark Bartelstein says.

Novak's deal with the Knicks is for $15 million over four years with no options.

The money is whatever, but the lack of an option in the fourth year is less than ideal, given that pretty much everyone else is set for an option or a new deal in the summer of 2015. Hopefully, Steve will still be draining threes with such dazzling regularity at that point that the Knicks will want to keep him around anyway. I look forward to watching Novak receive passes from Jason Kidd and, of course, to seeing him reunited with Jeremy Lin (and perhaps with his ol' shootin' buddy J.R. Smith).

Recall that New York holds Novak's Bird rights, so this money doesn't have a direct effect on the salary cap. And, of course, Steve is entitled to a corn crake.

Good for you, Steve. Welcome back.

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