J.R. Smith will sign with the Knicks for four years

Well, I guess the lawyers didn't mind working a little on July 4. Exact figures won't be official until after the league audit and nothing goes on paper until July 10, but J.R. Smith is going to be a Knick next year:

Breaking: The Knicks and J.R. Smith agree to a new deal, Smith's agent, Leon Rose, tells the Daily News.

— Frank Isola (@FisolaNYDN) July 4, 2013

Smith will get max permitted under early-Bird rights, approx $24.5 mil over 4 years. Exact figures will be determined after moratorium.

— Howard Beck (@HowardBeckNYT) July 4, 2013

To those asking: the fourth year of JR Smith's new deal is a player option.

— Howard Beck (@HowardBeckNYT) July 4, 2013

Two years would have made more sense alongside the Knicks' decision to deal for Andrea Bargnani (and a team option would have been nice), but I guess four years is what it took. Remember that, while this is the most the Knicks could pay J.R. (and the most years), it is excepted from their salary cap figure this year because the Knicks owned Smith's early Bird rights. The money being given to J.R. now could not have been given to someone else. Welcome, back J.R., and...uh...you too, Chris!

Everything else here remains up-to-date for the time being. One more time:

Update:

This is a point I've been trying to make in the comments, and it's worth keeping in mind if you're upset about this:

Smith's contract is reasonable enough that he can be traded. & maybe that's NYK's ultimate plan.

— John Schuhmann (@johnschuhmann) July 4, 2013