Jose Alvarado has gotten a few glimpses.
“If you would’ve told me this happened five years, ago, I wouldn’t believe it,” Alvarado said after his first professional game at Madison Square Garden in 2022. “It’s like a dream come true. It’s crazy, I’m at the Garden. … Y’all don’t understand how happy I am.”
Now that dream becomes a frequent reality.
The Knicks acquired New York’s own Alvarado, along with the draft rights to Latavious Williams, from the Pelicans in exchange for Dalen Terry and two second round picks in 2026 and ‘27 ahead of Thursday’s 3 p.m. trade deadline.
The Knicks had just gotten Terry from the Bulls for Guerschon Yabusele late Wednesday night, and then rerouted him for an upgrade at backup point guard.
A strong defender and capable ball handler, Alvarado — a Brooklyn native who grew up idolizing Carmelo Anthony and played high school hoops for Christ the King — provides needed depth behind Jalen Brunson, particularly since Miles McBride will miss significant time because he is having surgery for a sports hernia Friday, per league sources.
“JOSEEEEEEE,” Josh Hart posted on X.
Alvarado, 27, has built a reputation as a relentless and dogged on-ball defender, often picking up opponents full court and finding ways to get under their skin.
Pelicans guard Jose Alvarado (15) reacts to his three pointer against the Philadelphia 76ers. Bill Streicher-Imagn Images
On the other end of the floor, he is averaging 7.9 points and 3.1 assists per game.
He makes a little over $1 million less than Yabusele and has a $4.5 million player option for next year.
It was thought that the Knicks would have to give up draft compensation for a team to take on Yabusele and his contract, since he had a player option for $5,775,000 for next year.
But Yabusele worked with the Knicks, amended his contract and waived that player option, per league sources, making him a more attractive trade piece for the Bulls.
And since they didn’t have to attach trade compensation to the Yabusele deal, the Knicks were able to use it, along with Terry, to land Alvarado.
Moving Yabusele was paramount to getting the Alvarado deal done.
It also helped the Knicks financially — previously, with Yabusele, the Knicks were just $140K under the second apron and would have had to wait until April 2 to sign a 15th player.
Jose Alvarado #15 of the New Orleans Pelicans dives after loose ball during the game against the Los Angeles Lakers on January 6, 2026. NBAE via Getty Images
Now they are $1.1 million under the second apron and can sign someone immediately, according to ESPN cap guru Bobby Marks.
In 34 games with the Bulls, Terry averaged 3.5 points per game.
Backup point guard has been a question mark all season, with Malcolm Brogdon surprisingly retiring just before the start of the season.
McBride is more of a combo guard and Tyler Kolek has had mixed results in that role, with defenders pressuring him aggressively and often not respecting his ability to beat them off the dribble.
Not having a quality backup at the point has limited how much Jalen Brunson has been able to play off the ball and let others orchestrate the offense, something coach Mike Brown has wanted him to do more of.
Alvarado should help in that regard, as well as serving as a point-of-attack defender, especially with McBride out.
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Yabusele was the Knicks’ biggest free agency signing in two years — since Donte DiVincenzo — this past offseason.
But he looked out of place in coach Mike Brown’s system, and his role had diminished dramatically.
In 41 games with the Knicks, he averaged just 2.7 points on rough a 39.3 percent shooting from the field, and 29.4 percent shooting from 3-point range.
“I imagined our journey differently, but in an athlete’s life, things don’t always go as planned,” Yabusele posted on X. “Still, I’m grateful for every moment wearing this legendary jersey.”
Now, it’ll be Alvarado wearing that “legendary jersey,” the one that represents his hometown.
— Additional reporting from Stefan Bondy