Mike Brown, New York Knicks
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New York Knicks head coach Mike Brown
The New York Knicks have been looking to make an impact addition ahead of the NBA trade deadline this afternoon.
Just after midnight on Thursday, the Knicks pulled off an intriguing trade with the Chicago Bulls. They sent forward Guerschon Yabusele to the Chicago Bulls in exchange for Dalen Terry. That trade set them up for another move.
According to a report from ESPN’s Shams Charania, New York has acquired point guard Jose Alvarado from the New Orleans Pelicans in exchange for Terry, two second-round picks, and cash.
“Just in: The New Orleans Pelicans are trading Jose Alvarado to the New York Knicks, sources tell ESPN. Homecoming for the Pelicans guard,” Charania wrote on X.
“The Knicks are sending Dalen Terry, two second-round picks and cash to the Pelicans for Alvarado, sources said.”
Alvarado has been rumored to be a target for the Knicks for quite some time. They now have excellent depth at the point guard position and have added top-notch perimeter defense with this trade.
What the New York Knicks Are Getting in Jose Alvarado
Throughout his NBA career, Alvarado has been known as a defensive guard. He’s pesky on the perimeter and is known for creating chaos for opposing offenses.
At 27 years old, he’ll have a chance to become an integral piece of New York’s rotation.
During the 2025-26 NBA season to this point in time with the Pelicans, Alvarado has played in 41 games. He has yet to make a start this season, but has averaged 7.9 points, 3.1 assists, 2.8 rebounds, and 0.9 steals per game. Alvarado has also shot 41.8 percent from the floor and 36.3 percent from three-point range.
Last season in New Orleans, the veteran guard played a bigger role. He appeared in 56 games with 23 of them being starts. In those games, he averaged 10.3 points per game to go along with 4.6 assists, 2.4 rebounds, and 1.3 steals.
So what exactly are the Knicks getting in Alvarado? They’re getting a two-way guard who can both run the point guard position offensively and defend opposing point guards at a high level.
Do the Knicks Have a Legitimate Shot at the NBA Finals?
Making this trade does not power New York to being a championship team. However, it is the kind of move that championship teams make at the trade deadline.
Over their last 10 games, the Knicks have compiled an 8-2 record. They are playing like a legitimate championship caliber team. Adding Alvarado to bring more quality guard depth off of the bench will be a big help throughout the remainder of the year.
New York has refrained from making a big splash move ahead of the deadline. That could still change with just over two hours left before the deadline arrives, but the Knicks seem comfortable with the core of their current roster.
Alvarado has been on their wish list for quite some time. Being able to acquire him without giving up much value in return is a win for New York.