From the sound of things, ink hasn't actually hit paper yet (though I've heard that J.R. Smith actually signs contracts by just biting a chunk out of the document), but the J.R. Smith signing is as good as done. The proof is in the tweetin':
J.R. himself:
New York Knicks It Is!
And, because of Newton's third law, this had to happen too:
New york was great love da big apple
#imout
That's Renaldo Balkman, and that sound you hear is me softly whimpering into the folds of my hemp poncho. Farewell again, Humpty. You were, are, and always will be one of P&T's most beloved Knicks. May your ensuing basketball career be fruitful.
Meanwhile...
...back at the signing desk, this appears to be the reason why things aren't quite wrapped up just yet:
The J.R. Smith deal has yet to be signed, sources said. The Knicks are offering him the player option for 2012-'13.
The prevailing thought is that Smith would decline that option (worth another $1.8 million or so) and look for a bigger, better contract next summer barring unexpectedly poor play or an injury or something. Smith's unresolved paperwork from overseas is apparently holding up the deal as well. And no, none of this interferes with New York's ability to retain Jeremy Lin in the future.
As pretty much all of us have said, there are reasons to be excited and reasons to be concerned about the signing. Smith should give the Knicks' second unit-- a group direly in need of more offense-- some deadly finishing from inside and out and even a touch of creation when opportunities arise. The worry, at least on offense and in moving vehicles, is that Smith prone to doing a bit too much. The Knicks are counting on Smith's immense skillset to outweigh his penchant for questionable decisions, which-- more and more-- seems to me like a worthwhile endeavor. One can't really know until we've seen how he's used and how he responds to his environment.
Anyway, a hearty welcome to J.R. (I'm hoping really hard that he decides to go back to "Earl" again) and an even heartier farewell to Humpty, who hardly contributed on the court but never ceased contributing to our love for this zany-ass team.