NBA: New York Knicks J.R. Smith Expected To Opt Out Of His Contract And Will Test Free Agency

New York Knick guard, J.R. Smith, will decline his $2.9 million player option, making the National Basketball Association Sixth Man of the Year award winner a free agent, as of July 1st, according to an ESPNNewYork.com report.

The Knicks can re-sign Smith using the "Early Bird exception," at 175% of his annual salary from the previous season or for the average NBA - whichever is greater, for $4.9 million, for at least two years and could be up to four.

ESPN's Jared Zwerling reports that it is believed Smith will re-sign with the Knicks, where the guard averaged a career-high 18.1 points and 5.3 rebounds this past season. The Knicks are also looking at re-signing point guard Pablo Prigioni and forward Chris Copeland, both who have qualifying offers of $988,872. If they do not accept by June 30th, they become restricted free agents.

Despite having a breakout season in New York, Smith struggled throughout the playoffs - playing through a knee injury, shooting 33 percent over eleven games, including three games where he shot less than 30 percent from field during the Knicks Eastern Conference semi-final series against the Indiana Pacers.

The Knicks ended up getting eliminated by Indiana, 4 games to 2.