New York Knickerbockers President of Basketball Operations Donnie Walsh announced today that guard Toney Douglas has been signed to a contract. Douglas was selected by the Los Angeles Lakers with the 29th overall selection before having his draft rights traded to New York in exchange for a 2011 second-round draft pick and cash considerations.

All NBA first round draft picks are guaranteed a contract should they want one, so this signing is standard.

Douglas, 6-1, 225-pounds, averaged 21.5 points for Florida State University in his senior year and was the runner-up for the ACC Player of the Year award. The Tampa, FL-native was an All-ACC First Team selection and the ACC Defensive Player of the Year. He also led the Seminoles to the NCAA Tournament for the first time since 1998 and to the championship game of the ACC Tournament for the first time in school history.

Douglas is expected to play for the Knicks’ entry in the 2009 NBA Summer League presented by EA Sports in Las Vegas, NV from July 14-19.