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MIAMI, FL - APRIL 30:  J.R. Smith #8 of the New York Knicks drives to the basket against Mario Chalmers #15 of the Miami Heat in Game Two of the Eastern Conference Quarterfinals during the 2012 NBA Playoffs on April 30, 2012 at American Airlines Arena in Miami, Florida. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2012 NBAE  (Photo by Issac Baldizon/NBAE via Getty Images)

j.r. smith

J.R. Smith Will Decline His Contract Option for Next Season

Howard Beck of the Times reports that J.R. Smith will decline the 2012-2013 option in his Knicks contract. Smith has until Tuesday to decide and will reportedly opt out of the guaranteed $2.4 million and try to re-sign with the Knicks at a slight raise. By way of Smith's non-Bird rights, New York can pay him 20 percent more than they did last year (about $2.8 million) without eating into the MLE that we discussed earlier today. Of course, if Smith wishes to seek more money elsewhere, this also leaves that option open. Beck's report suggests that Smith's priority is to return to New York, though. Here's to more fade-away jumpers, Instagram photos, and late-night bike rallies!

Photo: Issac Baldizon/NBAE via Getty