Payton and the Knicks have agreed to a two-year, $16 million contract, Shams Charania of The Athletic reports.

Payton becomes the fifth veteran to sign a two-year deal with the Knicks, who are apparently intent on putting a better product on the court this season. Payton is an interesting fit after stops with Orlando, Phoenix and New Orleans, but it's unclear how he'll fit with Dennis Smith, Jr. and No. 3 overall pick RJ Barrett.

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