Jose Alvarado's new contract could be the start of more dominoes to fall in the Big Apple.

New York's native son, Jose Alvarado, will remain in the Big Apple.

ESPNs Shams Charania broke the news on Friday that the former Christ The King product declined his $4.5 million player option and "intends to sign a new three-year, $14-plus million deal to return to the Knicks." The 28-year-old Alvarado, who grew up in Williamsburg as a Knicks fan, lived out every New York kid's dream by being an integral part of the championship run.

It's the kind of stuff you expect to see in a Disney movie, and he took a hometown discount to continue his NBA journey in orange and blue.

The opportunity to run it back and potentially finish his career at home is worth more than the few extra dollars he could've made elsewhere.

Considering all the brand deals Alvarado has done over the last few weeks and that will come in the years ahead, whatever money was left on the table will be made up.

Jose Alvarado's new deal is only the start of Knicks' busy offseason The Knicks made it a priority to retain the fiery point guard who has earned the nickname "Grand Theft Alvarado." The new contract has an annual average value of $4.66 million, which is essentially equivalent, cap-wise, to the option he turned down.

According to James L.

Edwards III of The Athletic, Alvarado is eligible for 8% raises, so the lowest figure he can come in at next year is $4.3 million.

Every dollar matters, and that would give the Knicks more financial wiggle room in their pursuit of retaining either Mitchell Robinson or Landry Shamet while staying below the second apron, which appears to be a mandate from owner James Dolan.

The Knicks are still roughly $9.8 million under the second apron with three or four roster spots to fill.

This is only the first domino to fall ahead of a busy offseason for president Leon Rose, and next up could be Pacome Dadiets $2.9 million salary being dumped.

After coming over from New Orleans at the trade deadline, Alvarado was in and out of Knicks head coach Mike Brown's rotation.

But the diminutive guard found a way to impact games in limited minutes and always brought positive energy from the sidelines.

The generously listed six-foot-tall guard brings a reliable touch handling the ball, and his relentless effort is infectious up and down the lineup.

Alvarado fulfilled his promise to get drunk for eight days straight following the finals victory, brought the Larry O'Brien Trophy to Puerto Rico, and will remain a key cog in the Knicks' attempt to repeat.

Steven Simineri is a freelance writer and radio reporter with Metro Networks, the Associated Press and CBS Sports Radio based in New York.

His reporting experience includes the New York Knicks, Brooklyn Nets, Yankees, Mets, Rangers, New Jersey Devils and US Open Tennis tournament.

He has been a contributor for Forbes, Sporting News, River Avenue Blues and Nets Daily.

He graduated from Fordham University and was a former on-air talent at NPR-affiliate WFUV (90.7 FM).

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