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NBA Free Agency Rumors: J.R. Smith To Re-Sign With The Knicks

The New York Knicks and J.R. Smith didn't exactly seem like a match made in heaven last season, but Smith didn't have a ton of options when he returned from playing in China during the NBA lockout. He apparently enjoyed his time with the Knicks, however, and might have even given the Knicks a bit of a sweetheart deal to return to New York.

Smith will sign a two-year, $2.8 million contract with the Knicks when free agents are able to officially sign with their teams on Wednesday morning, according to ESPN New York's Jared Zwerling. As was the case last season, the second-year is a player option -- even though Smith eventually opted out this year before deciding to return.

"I have decided to re-sign with the Knicks. I just felt that, despite my other options, New York is the best situation for me," Smith said in a statement released to ESPNNewYork.com. "Coach (Mike) Woodson showed a lot of faith and trust in me last season, as did (Knicks owner) Mr. (James) Dolan and the organization.

"My teammates are great to play with and New York fans are the best. I can't wait to get started."

While Smith can be a bit of a handful, the contract seems overtly reasonable when comparing it to other deals signed this offseason. It seems as though the free agent money might be starting to dry up.

For more on the Knicks, head to Posting and Toasting and SB Nation New York.