The family members of players are often on the payroll but Chris Smith not only took a precious roster spot, he’s also costing the Knicks upwards of $2 million.
While Smith maintains that he “earned” his roster spot, it’s believed that it was stipulation in J.R Smith’s agreement to re-sign with the Knicks. The signing of Chris came at the expense of the Knicks signing a viable backup center which looks even more dumb now that Tyson Chandler is injured again. It wasn’t only a bad move athletically, it’s also a bad one financially.
From Marc Berman of the New York Post:
Point guard Chris Smith has become the D-League’s first $2 million player.
That’s the amount Smith, J.R. Smith’s brother, is costing the Knicks as their 15th man due to the punitive luxury-tax system under the new collective bargaining agreement. …
Hence, the Knicks are paying Smith his minimum contract of $491,000 and have to pay the league’s escrow account an additional $1.6 million in luxury tax, equaling about $2.1 million. Because of a favorable quirk in his contract, the whole sum became fully guaranteed on opening night.
Just another edition of the disfunction that is the New York Knicks franchise.
