No contract terms were available, but the Knicks were able to offer Smith a pro-rated share of their $2.5 million mini mid-level exception and a player option for a second year. The Knicks will have to clear a roster spot to add Smith. Veteran guard Mike Bibby and seldom-used forward Renaldo Balkman are candidates. According to a source, center Jerome Jordan will not be released.So, as sad as it is to see Renaldo go - and it seems like he will be - this is definitely an upgrade to the team. Good ole Renaldo hardly plays, and with the dpeth at the wing positions he was more expendable than Mike Bibby who is the current backup PG. Likewise, it's good that the Knicks will hold onto Jerome Jordan who could be a valuable project for the future.
Nothing to do now, but root for him. Welcome, J.R!