Pablo Prigioni will re-sign with the Knicks (Updated 1:01 PM)

¡Breaking news at this hour! Pablo Prigioni's coming back!

BREAKING: Pablo Prigioni will return to the #Knicks, per his agent.

— Jared Zwerling (@JaredZwerling) July 4, 2013

Based on what we heard Thursday morning, this will be a two-year deal for a portion of the mini mid-level exception-- $2.something million per year (Update: see below). That deal will carry Pablo until his 38th year on the planet, which is a lot of years, but Pablo's got fewer minutes on his legs than the average 38 year-old NBA player and WHATEVER IT'S PABLO I LOVE HIM SO MUCH WELCOME BACK INTO OUR LIVES SO MUCH SNEAKING YESSSSSSSSSS

Even with J.R. Smith and Pablo back, the Knicks have some work to do in the backcourt. Alex Kennedy mentioned Sebastian Telfair again today, but he's just one of many guards in whom the Knicks have had interest. They'll have the rest of that mini MLE and a whole bunch of minimum contracts to pass around.

Update (12:59 PM):

Pablo Prigioni is returning to the Knicks on a three-year deal. The first two are fully guaranteed.

— Al Iannazzone (@Al_Iannazzone) July 4, 2013

Update (1:01 PM):

Prigioni's deal is 3 yrs, 3rd year is team option. Starts at around 1.5 million. Can increase to 2 million based on incentives. #Knicks

— Ian Begley (@IanBegley) July 4, 2013

Knicks used part of their mini-midlevel to re-sign Pablo. Should still have around $1.75 million left give or take.

— Al Iannazzone (@Al_Iannazzone) July 4, 2013

Prigioni will get three years and just under $6 million. The third year is a partially guaranteed team option.

— Al Iannazzone (@Al_Iannazzone) July 4, 2013