From ESPN
Good trade or bad trade for the Knicks?
Begley: Good trade for New York -- but obviously not for this season. New York rid themselves of Smith's $6.4 million contract option in 2015-16, which opens up more cap space and opportunities to chase free agents. You can argue that the Knicks had better offers on the table in the past for Shumpert, but there's little doubt that Phil Jackson put his club in a strong position to improve in free agency this summer.
Elhassan: Good because as the only team that can confidently say "we're worse than the Sixers," the Knicks basically have no other recourse for this season other than to ensure their pick is as high as possible. Losing Shumpert was the cost of getting rid of Smith's cap hit for next year ($6.4 million), giving the Knicks more flexibility to go big-game hunting.
McMenamin: It's good. They weren't going anywhere this season other than the lottery and Jackson and Derek Fisher gave the roster half a season to figure out who they were ready to uproot to plant new seeds. They'll now have close to $30 million to play with this summer on the free-agent market. Now, is it a good thing overall for the state of the Knicks franchise that they just signed Carmelo Anthony to a max extension this summer and he could be shutting it down with a knee injury while Jackson is getting paid $12 million to pull the strings on this disaster of a season? That's a different question.
Shelburne: Great trade for the Knicks. They created $7 million in salary cap space in this trade and rid themselves of a guy who had been a square peg in the triangle offense Jackson and Fisher have been trying to teach. Yes, they lose Shumpert, a good young player they had interest in retaining this summer. But the Knicks could have lost him via restricted free agency anyway, and they had to give up something to get rid of Smith and his contract without taking back a bad contract in return.
Young: Good. The Knicks dumped Smith's contract and personality, two things that are a start to putting out the dumpster fire that resides in Madison Square Garden. The Knicks are showing at least somewhat of an eye for the future, bringing in nonguaranteed deals to open up a little future financial flexibility.
"winning is more fun... then fun is fun" -Thibs