I know we've had a number of posts about the Knicks Cap Space this summer, but I thought this article was pretty easy to understand. The only thing he didn't mention was the possibility of using the Stretch on Jose, tho Phil says he's not looking to do that at this time.
Ian Begley, ESPN Staff WriterThe Knicks are focused on Tuesday’s NBA draft lottery, and with good reason. Their 2015 pick has a chance to impact the franchise for years to come.
But, in the short term, Phil Jackson says the Knicks will rely heavily on free agency to reshape the roster.
With that in mind, let’s take a look at the Knicks’ cap situation this summer:
We’ll start by assuming that the salary cap for next season is $67.1 million, which is what the league has projected.
We’ll also assume that the Knicks decide not to extend qualifying offers to Travis Wear and Quincy Acy.
Lastly, for the purposes of this post, we’ll assume that the Knicks get the No. 2 pick and sign that player to the standard $4,252,600 contract for that slot in the draft.
If that’s the case, the Knicks project to have $26,002,209 in cap space this summer.
How did we get to this number?
The Knicks have four players with guaranteed contracts for 2015-16: Carmelo Anthony ($22.88 million), Jose Calderon ($7.4 million), Tim Hardaway Jr. ($1.3 million) and Cleanthony Early ($845,000).
Langston Galloway’s contract of $845,000 becomes partially guaranteed on July 1. Ricky Ledo’s contract of $947,276 becomes partially guaranteed in August. As mentioned above, the contract for the No. 2 pick will be worth $4.2 million in Year 1.
With Galloway, Ledo and the No. 2 pick in tow, the Knicks would have seven players on the roster.
Any time a roster dips below 12, a “roster charge” is added to team salary.
For 2015-16, the roster charge is $525,093. So calculate five roster charges onto the Knicks’ books for a total of $2,625,465. That would bring the Knicks' total committed salary to $41.1 million.
That’s how we get to $26 million in cap space.
For what it’s worth, that number increases to $26.4 million if the Knicks decide to cut Ledo and $26.7 million if they decide to waive both Ledo and Galloway.
So where does that leave the Knicks for this summer?
If they were to sign Pistons F/C Greg Monroe to a max contract starting at $15.6 million, they’d have $10.8 million left to spend on other free agents.
It’s worth pointing out that Monroe’s contract starts at $15.6 million because he is in his fourth season. A player with more years of service can command a larger max contract.
Also, when thinking about the Knicks' cap space this summer, it's worth noting that they may not want to use all of it in 2015.
If Phil Jackson wants enough money to chase a veteran max player in 2016, he’ll have to retain some cap space this summer, which is explained further here.
That’s something worth keeping in mind as we look ahead to the offseason.
Also, it’s important to note that the Knicks’ remaining trade exceptions will be renounced when New York needs the cap room to add free agents.
The team has a portion of the $2.6 million exception from the Iman Shumpert trade left and the $5.9 million exception from the J.R. Smith trade. It also has a $1.86 million exception from the Travis Outlaw trade.
The exception for Raymond Felton will have expired prior to free agency.