Elfrid Payton returning to Knicks on 1-year, $5M deal

Elfrid Payton will be back in The Big Apple for another season.

The point guard agreed to return to the New York Knicks on a one-year, $5-million contract, his agents told ESPN's Adrian Wojnarowski.

Payton was a steady contributor at the point for New York this past season, averaging 10 points, a team-high 7.2 assists, and 4.7 rebounds in 45 games (36 starts).

The Knicks - who have also reportedly signed Nerlens Noel to a one-year, $5-million deal - now have $20.5 million in cap room with 14 players under contract.