GREENBURGH, N.Y. -- The New York Knicks exercised the 2014-15 option on guard Iman Shumpert's contract, president and general manager Steve Mills announced on Monday.
Shumpert is set to make $1.7 million this season and $2.6 million next season. These figures are predetermined by the NBA's rookie contract scale.
Shumpert can become a free agent after the 2014-15 season.
The Knicks, though, can extend Shumpert a qualifying offer of $3.6 million to make him a restricted free agent. This means they would have the opportunity to match any contract offer Shumpert receives from another team.
The third-year guard is expected to start for the Knicks at shooting guard in their season-opener on Wednesday.
Shumpert and J.R. Smith will battle for the Knicks' starting shooting guard spot once Smith returns from a five-game suspension for violating the league's substance abuse policy.
Smith is expected to make his season debut Nov. 10 against San Antonio.
"The bottom line is Iman is going to be in the lineup the first five games. If things go accordingly to plan then we'll figure it out from there. But I can't make that decision until J.R. actually gets back," Knicks coach Mike Woodson said on Monday.
In his first two seasons, Shumpert averaged 8.3 points, 3.1 rebounds and 2.3 assists in 104 games (80 starts). He missed the first three months of the 2012-13 season following ACL surgery.
The Knicks drafted Shumpert with the 17th pick in the 2011 draft.
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