Report: Carmelo's contract worth $124 million over 5 years

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The subject of Carmelo Anthony's new contract with the New York Knicks is a hot topic at the moment, as many people are keen to know the specific details.

Well, ESPN's Ian Begley is delivering on the numbers, and as expected, the deal is just south of a maximum contract that would have paid 'Melo $129 million.

While no exact figures are available regarding how the money will be spread out over the five years, Anthony will reportedly receive a "slight increase" in pay in Year 2, with "larger increases" thereafter. The contract also includes a no-trade clause.

Begley's report falls in line with Knicks president Phil Jackson's comments from earlier this week. Jackson claimed that 'Melo had done "exactly what we asked him to," hinting at a deal that fell just under a maximum contract and that was structured to keep additional cap space open in 2015.

With the Knicks expected to be major contenders in next summer's free-agent market, it sounds like Anthony is doing the franchise a major service and allowing his team to pursue an All-Star to play alongside him.