Shumpert averaged 6.8 points and 3.0 rebounds in 45 games, all starts, last season after returning from torn knee ligaments.
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Shumpert was the No. 17 pick in the 2011 draft and was a first-team, All-Rookie selection. He will earn about $2.6 million in the 2014-15 season.
The Knicks announced the move on Monday.
