I'd say that this is easily a .500 team with upside. A lot in contingent on having not dipping into our 3rd options at any position for any significant period, particularly at PG. If Brunson for whatever reason misses games (covid, injury, whatever), we're not really in a better position than last year to do damage in the east - that is, unless we can trust that one of Quickley/McBride/Montero can step up and play like starter quality player.
Last season was a mess, with Kemba/Rose both missing the majority of the season. It took a while for Thibs to feel comfortable deploying Quickley as a PG (and even then, was he really that comfy)?
There's a tremendous amount of parity in the east. The best team only won 53 games. A lot of the standings are based on how healthy the teams are.
On one hand, the Knicks have a lot of depth, so we can withstand 1 injury per position without terrible drop off. On the other hand, our best players (last year) were not consistently awesome (Randle/RJ), so unless they both take steps forward again, that limits our team's upside a bit.
So if the other teams suffer injuries in a similar way to last year and:
1) we stay mostly healthy (we have at least one 1st or 2nd stringer at each position healthy at all times)
2) at least 2 of our young players - particularly RJ, Brunson, and Quickley - take steps forward. If any of these 3 adds 3-5ppg to their scoring average (or if RJ/Quickley manage to improve their FG% to 45%+), they'd be strong candidates for MIP. (Brunson is most likely to look like a star)
3) Randle doesn't have a meltdown (yeah, perhaps the most risky of these 3 requirements)
...we should be in the mix for a potential 50 win season, which would put us in contention for best in the east.
Players like Giannis, Embiid, Durant, and Tatum are really the stand out players in the east, but all but Tatum are treated like national treasures and their teams like to play it safe from an injury maintenance standpoint.