J.R. Smith to Re-Sign With Knicks J.R. Smith decided to re-sign with the Knicks, it was announced early Tuesday, hours after the Knicks agreed to sign Marcus Camby through a sign-and-trade deal with Houston. The Knicks were expected to bring back Smith even after he declined his contract option with the team. Smith is likely to sign his new contract, a two-year deal worth $2.8 million in the first year with a player option in the second, sometime Wednesday. Smith expressed his excitement in returning to New York through his representative, Creative Artists Agency. "I have decided to re-sign with the Knicks," he said in a statement. I just felt that, despite my other options, New York is the best situation for me. Coach Mike Woodson showed a lot of faith and trust in me last season, as did Mr. Dolan and the organization. My teammates are great to play with and the New York fans are the best. I can't wait to get started. Since Smith qualified for a so-called non-Bird free-agent contract, the Knicks did not need to use their midlevel exception to re-sign him. The exception will most likely be rewarded to point guard Jason Kidd, who agreed to join the Knicks last week. Smith averaged 12.5 points, 3.9 rebounds and 2.4 assists for the Knicks after joining them in February. Before then, he played in China last season. He also averaged 12.2 points a game in five N.B.A. playoff games last season.