The New York Knicks and J.R. Smith agreed to a three-year, $17.95 million agreement and not the widely reported four-year, $24.5 million deal.

The contract calls for Smith to make $5.57 million next season and $5.98 million in 2014-15, with a third-year player option at $6.4 million. 

Smith had two surgeries on Monday, one to repair damage to his patella tendon and another for a teal of the lateral meniscus. Smith may need three to four months of recovery.