Shamet's one-year deal with the Knicks is an Exhibit 9 contract, Ian Begley of SportsNet New York reports.
Malcolm Brogdon also signed an Exhibit 9 contract, giving the Knicks financial protection in case of injury. The Knicks currently have one roster spot available, and Brogdon is likely the favorite of the two to claim the last spot. It's possible the Knicks could clear up another roster spot, however.