New York Knicks: Re-Signing Justin Holiday Should Be A Top Priority

5. Early Bird Rights

The New York Knicks are going to have a difficult time signing a high-profile free agent with such limited cap room. Even if New York were to renounce every one of its cap holds, it would have a mere $19 million in available space.

Knowing that to be true, the fact that New York can go over the salary cap to re-sign Justin Holiday should make him a top priority.

With limited cap space, the Knicks will have a difficult time finding the type of free agents whom Jeff Hornacek needs to fill out his rotation. That ranges from struggling to find starting-caliber players to acquiring the ideal bench guys.

With Holiday, the Early Bird Rights would enable the Knicks to sign him for a salary around $7.8 million—consistent with what he projects to command.

By signing Holiday for that responsible figure, the Knicks would lock up a high-quality supporting player for multiple seasons. New York could then simultaneously explore his upside and build rotations with the knowledge that he’s a long-term asset.

Just as importantly: New York could snag a verbal commitment from Holiday, spend money elsewhere, and then go over the cap to re-sign him..