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Landry Shamet is set to return to the New York Knicks on a one-year agreement, according to his agent George S. Langberg, who confirmed the news to Shams Charania of ESPN.

SNY’s Ian Begley reports that Shamet drew interest from several other teams during free agency, but ultimately decided to rejoin New York.

He reportedly valued the camaraderie and culture inside the Knicks’ locker room last season and wants to stay with a group that has championship aspirations.

From a financial standpoint, New York has very limited flexibility. As Keith Smith of Spotrac points out, the Knicks are currently hard-capped at the second tax apron and only can add one veteran and one rookie on minimum-salary contracts. Shamet fits into that scenario.

Under the terms of his deal, Shamet will make $3,080,921 for the 2025/26 season. However, because of cap rules, the Knicks will only be charged $2,296,274 against the salary cap.

It hasn’t yet been confirmed whether the contract is fully guaranteed – worth noting since Shamet initially joined New York last fall on a non-guaranteed Exhibit 9 contract.

Shamet, who turns 29 during the upcoming season, was originally the 26th pick in the 2018 NBA Draft after three years at Wichita State. Over the course of his career, he has played for the 76ers, Clippers, Nets, Suns, and Wizards before landing with the Knicks in 2024.

He has built a reputation as a reliable perimeter shooter. Last season, he appeared in 50 games for New York after missing the early part of the year with a shoulder injury.

His production dipped to career lows – averaging 5.7 points and 1.2 rebounds in 15.2 minutes per game – though he remained efficient from deep, converting nearly 40% of his three-point attempts (39.7%).

Once the signing becomes official, Shamet will bring the Knicks’ roster to 13 players under standard contracts.

All three of the team’s two-way contract spots remain available, with Kevin McCullar Jr. still holding two-way restricted free agent status.

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