The New York Knicks have reached agreement with free-agent forward David Lee(notes) on a one-year contract that could be worth up to $8 million with incentives, Lee's agent, Mark Bartelstein, told Yahoo! Sports.
The contract guarantees Lee $7 million, plus another $1 million bonus if a team-related incentive is met.
Lee had been seeking a multiyear contract, but the Knicks wanted to preserve as much salary-cap room for next summer's flush free-agent market. Lee will now also join LeBron James(notes), Dwyane Wade(notes) and Chris Bosh(notes) in the free-agent class of 2010.