The New York Knicks are acquiring point guard Jose Alvarado from the New Orleans Pelicans in exchange for Dalen Terry, two second-round picks and cash, sources told ESPN’s Shams Charania.
The news comes in the wake of Knicks guard Miles McBride undergoing core muscle surgery, sources confirmed to ESPN’s Vince Goodwill. McBride, who has been a key member of New York’s rotation this season, is expected to miss significant time and it’s unknown whether he will be back in time for the playoffs.
The Knicks have been after Alvarado for months now, wanting a capable backup behind star point guard Jalen Brunson. Tyler Kolek had been manning the position but the Knicks were still searching for an upgrade to their bench unit, especially now with McBride sidelined.
Initially, the Pelicans were sending signals they were not willing to move any players this season but the draft capital in the trade seemingly changed their minds. For the Knicks, having traded Guerschon Yabusele on Wednesday for Dalen Terry, it created the cap space for the Knicks to absorb his $4.5 million player option for next season
Alvarado has carved out his niche in the NBA as a stingy defender and hard worker after going undrafted in 2021. Nicknamed Grand Theft Alvarado, the diminutive point guard is best known for his ability to steal inbounds passes when opposing teams least expect it.
He started his career on a two-way deal with New Orleans in 2021 and was later converted to a standard deal after impressing the team with his play. Alvarado signed an extension with the Pelicans last season and has a player option worth $4.5 million for next season.
The Knicks reportedly acquired Terry from the Chicago Bulls in exchange for Guerschon Yabusele and he is now being rerouted to New Orleans. The move created the cap space New York need to absorb Alvarado’s $4.5 million player option for next season.
The Athletic first reported that McBride was undergoing surgery.
