The New York Knicks appear ready to weaponize their cap space.
The New York Knicks are one of the few teams flush with cap space this offseason, and they are reportedly letting teams know they are willing to use that cap space to take on a bad contract to acquire assets, per Ian Begley of SNY.
What this means: Knicks fans rejoice! The concept of using cap space to absorb a bad contract in exchange for draft picks is something many fans have been clamoring for on #KnicksTwitter for years. This latest report suggests that team president Leon Rose is open to the idea.
Begley notes in his report that the Knicks would presumably look to fetch another draft pick and young player as incentive for acquiring an “undesirable” contract.
The power of cap space: While the salary cap figure for 2020-21 has not been finalized, many project it to either stand flat at $109 million, or to slightly drop due to the coronavirus pandemic impacting league-wide revenues. Either way, with the Knicks able to waive several players on non-guaranteed deals and/or decline the expensive team option attached to Bobby Portis, they can create over $40 million in cap space this winter.
Without a bonafide superstar on the free agent market – assuming Anthony Davis remains in Los Angeles – it makes sense for New York to use their cap space in creative ways.
Contracts to consider: So which bad contracts are we talking about? Take a look down each team’s payroll and pick your favorite. I suppose you could argue that Chris Paul has an undesirable contract at this point of his career. He is owed over $80 million over the next two years. However, trading for Paul would be a move to inject the Knicks roster with win-now talent at the cost of their own draft capital.
In thinking about taking on a bad contract as a means to acquire sweeteners, look at a player like Al Horford (3-years, $81 million) or even someone on an expiring deal like Mike Conley (1-year, $34.5 million).
Teams anxious to get money off their books are undoubtedly looking to the Knicks as a possible trade partner this offseason. And it appears the Knicks are open for business.