Worst comes to worst, Phil and Melo will realize that if they cannot get separated, they will have to all just get along, sob on each other's shoulder, make up, and swear love and affection for each other forever (or at least for the next two years until both of their contracts expire).
I would not be averse to the Knicks making a run at a decent free agent PG (Holiday, Hill or Teague, though I disliked Teague in the opening Cle vs Indy playoff game), drafting a stud out of college, and going into another season with Melo in the lineup.
Any way you cut it, no team has ever benefited from losing its top scorer, especially if he scores over 20 points per game.