Landry Shamet is returning to the New York Knicks on a four-year, $24 million contract, per the New York Post, locking in the sharpshooter who helped deliver the franchise’s first NBA championship in 53 years.
ESPN’s Shams Charania reported the deal was finalized Monday, keeping Shamet in the Big Apple as the Knicks pivot into championship defense mode.
The agreement converts a veteran-minimum success story into legitimate long-term roster security.
From Journeyman Minimum Deal to Championship Contributor
Shamet, 29, arrived in New York as an afterthought – a journeyman who had cycled through the 76ers, Clippers, Nets, Suns, and Wizards before landing on a veteran minimum.
He rewarded the front office’s gamble by emerging as one of the league’s premier low-cost rotation shooters across 51 regular-season games averaging 23.0 minutes per night.
The regular-season numbers – 9.3 points, 45.3 percent from the field, 47.5 percent from three – told a compelling story.
The playoff numbers told a historic one, with Shamet posting what analysts cited as the best single-series three-point percentage in postseason history against Cleveland, going approximately 12-for-13 from deep in the Eastern Conference Finals sweep.
The Knicks Reload Around Elite Floor Spacing
The Knicks’ offseason calculus here is straightforward: Shamet’s shooting gravity opens the floor for every ball-handler and cutter in Mike Brown’s system, and that value doesn’t depreciate with age the way athleticism does.
At $6 million per year on average, the front office is paying rotation-guard rates for a shooter who produces starter-level spacing impact. Full stop.
His 6.0 points per game playoff average undersells the real contribution – 23-of-34 threes across a stretch spanning Game 3 of the second round through Game 2 of the Finals is a number that wins series.
The Knicks identified that and moved accordingly before another team got ideas in free agency.
Contract Structure Makes Sense at Every Level
The four-year, $24 million deal carries a cap hit of approximately $5.36 million in 2026-27, escalating to $6.64 million in the final season – team-friendly numbers that preserve flexibility as the front office navigates other roster decisions this offseason.
For a Knicks team managing championship-level tax implications, locking Shamet in below market rate on a multi-year term is the kind of disciplined move that separates contending rosters from one-and-done title runs.
Cap analysts have framed this as elite shooting secured at mid-tier pricing, and it’s hard to argue otherwise when his career 38.6 percent three-point mark gets backed up by the kind of clutch playoff volume he just produced.
The deal runs through the 2029-30 season, keeping Shamet under contract through his age-33 year.
The next hard checkpoint is the remainder of the Knicks’ free agency period, where additional rotation decisions will clarify how the defending champions intend to construct their guard depth heading into training camp.
Keep an eye out on NYSD for further updates on the Knicks’ offseason roster moves as this situation develops.
About the Author
