JR Smith’s Brother Chris Costing the Knicks $2 Million in the D-League

by November 13, 2013

Chris Smith had the good fortune to be born in the same family as JR Smith. The New York Knicks, because they’re the perpetually-inept Knicks, are forking over $2 million for the younger Smith to toil in the D-League. Per the NY 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. No wonder Knicks owner James Dolan is in a grumpy mood. The Knicks’ horrid luxury-tax situation was the chief reason the Knicks owner put the kibosh on signing a temporary big man in the wake of Tyson Chandler’s leg injury. They would have had to cut Smith to make room. The Knicks have earmarked Smith for the D-League once that season starts Nov. 22. Coach Mike Woodson has admitted J.R. Smith’s presence was a factor in keeping him on the roster over another big man such as Ike Diogu. Though the Knicks haven’t yet reached the tax status as ‘repeat’ offenders, they are so far over the luxury-tax threshold, the last few spots on their roster are costing them a fortune. Each additional contract dollar is taxed by a ratio of 3.25. The Knicks’ payroll stands at more than $87 million and the tax threshold is $71.7 million. 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.”