New York Knickerbockers President of Basketball Operations Donnie Walsh announced today that guard Allan Houston has been re-signed as a free agent.

InsideHoops.com editor says: I’m assuming this is as nonguaranteed as a contract can get. Also, the Knicks don’t actually need Houston, since right now the best guard on the team who doesn’t seem likely to be waived or traded anytime soon is shooting guard Jamal Crawford. They need to clean house and move big contracts that aren’t expiring in the next season or two away. On the positive side, fans really like Houston (”H20″) and seeing him around, even briefly, is cool. He can wave at them a bit, and stuff. And, here’s more on the news:

Originally retiring on Oct. 17, 2005 following training camp three seasons ago, Houston is the team’s fourth leading scorer in franchise history during the regular season (11,165) and eighth leading scorer during the playoffs (1,139). Only NBA legends Patrick Ewing, Walt “Clyde” Frazier and Willis Reed have scored more points during their regular season careers with the orange and blue. On Oct. 4, 1999, he was named a team captain, and held that title for six seasons. He was selected to be a member of the 2000 and 2001 NBA All-Star teams and was a member of the Gold medal-winning United States team at the 2000 Summer Olympic Games in Sydney.

On May 16, 1999, the Louisville, KY native authored one of the most memorable shots in club history with a game-winning runner at Miami in the closing seconds of Game Five in the first round of the 1999 NBA Playoffs. After defeating the Heat, the Knicks went on to defeat the Atlanta Hawks in the conference semifinals and Indiana Pacers in the conference finals to make their first NBA Finals appearance since 1994.

Recognized for his work through the “Father Knows Best” program offered under the Allan Houston Legacy Foundation, Houston was recently named as the national spokesman for the National Fatherhood Initiative. Houston will be wearing jersey No. 14 in honor of his father, Wade, one of the first African-American basketball players at the University of Louisville.

“My father has been a great model of a man, and hopefully I can continue to carry what he taught me back to the court with the Knicks. Off the court, this is also symbolic to encourage men to be committed fathers as their role remains one of the most important factors in the lives of our youth.”