What happened: Free agent guard Landry Shamet intends to sign a four-year, $24 million deal to return to the New York Knicks, per ESPN. The agreement keeps the veteran shooter in New York after his run with the club.

Why it matters: Retaining Shamet preserves backcourt depth and perimeter shooting for the Knicks rather than forcing them into the market for a replacement. Locking in a rotation guard early gives New York cost certainty as it builds out the rest of the roster.

What to watch: Watch whether the Knicks follow this by addressing their frontcourt and remaining rotation needs as free agency continues.