New York Knicks: 4 Lessons from the Miami Heat rebuild

Step #1: Unload bad contracts

This is easier said than done in the modern NBA. General managers and team executives understand that financial flexibility is a major asset in a salary capped league. There is a clear precedent for teams offering first round draft capital to unload their bad contracts. It can be nearly impossible to recover from bad deals.

However, Miami was able to start their rebuild by purging their books of wasted money. They began by trading disgruntled big man Hassan Whiteside to the Trail Blazers, a postseason contender who had lost their starting center to injury. Then, over the course of the 2020 season, they were able to move large contracts in Dion Waiters and James Johnson. It required stapling draft picks and young players to their deals. But the Heat got it done.

This should prove to be easier for the Knicks than it was for Miami. While it appears as if New York has a few bad contracts, they are all short-term and under team-control. Julius Randle is owed a whopping $18.9 million in 2021, but only $4 million of his $19.8 million due in 2022 is guaranteed. Bobby Portis ($15.7 million), Taj Gibson ($9.4 million), Wayne Ellington ($8 million), and Elfrid Payton ($8 million) are all on team options or non-guaranteed deals for next season.

If the Knicks can use the flexibility these contracts offer in restructuring their payroll, they will have plenty of cap space in the near and long-term. Shedding Randle’s salary, which might not be as difficult as people think since most of it is non-guaranteed in 2022, would allow plenty of breathing room this offseason, even if the team takes on a massive contract like Chris Paul’s.