Carmelo Anthony's new five-year contract with the
New York Knicks is worth $124 million, $5 million less than the maximum, according to ESPN New York sources.
Anthony's contract also includes a rare no-trade clause and has an early termination option after the fourth year, according to league sources.
Anthony was eligible to sign a contract for a maximum of $129 million but agreed to a deal worth $5 million less to give the Knicks more financial flexibility to pursue free agents in future summers.
Anthony will make a maximum salary of $22.458 million in the first year of his contract. League sources told ESPN New York that Anthony's contract will increase "slightly" in the second year but less than the maximum increase of 7.5 percent.