The New York Knicks have officially announced the signing of J.R. Smith to a two-year contract. An agreement between the Knicks and the veteran guard was announced earlier today. The deal is reportedly worth a pro-rated version of the Knicks' mini mid-level exception, with a player option for the 2012/13 season worth $2.5MM.
Smith played for the Zhejiang Golden Bulls of the Chinese Basketball Association during the NBA lockout, signing a one-year, $3MM contract. He played well, averaging 34.4 PPG, but his team underperformed and did not make the playoffs. Upon announcing his return to the NBA, Smith was linked to the Clippers and Lakers before ultimately deciding on the Knicks.