I was looking at the potential salaries. If Melo takes his player option for next season, he will earn $1 million more than he would in the first year of a new deal with another team. Plus, Melo could sign a 5 year deal with the Knicks next year that will run until he is 36 years old. There is about a $35 million difference over the life of the contract between resigning next year for 5 years and signing this summer for 4 years. In short, it makes no financial sense to opt out of his deal if he plans to stay with the Knicks.
If the decision to not take the option is for purposes of leverage, then it still makes no sense because there is not much the Knicks can do not that would not involve tying up cap room for next summer. The team can make some minor moves, but Amare, Barg, and Chandler are going to be own the team (although Chandler might be tradeable). In short, Melo not taking the option is not going to force the Knicks into any moves that they would not have done anyway or that don't involve tying up 2015 cap space.
If Melo is intending to cut his salary for the betterment of the team, I don't see why he would not wait until 2015. Even if he cut his salary to $10 mill (which would never happen) the team is still over the cap and would not be able to sign any FAs. It would be better to wait until next summer, find out who else the Knicks can sign, and then if he needs to cut his salary to make the numbers work, then do it then.
In sum, I don't see any logical reason why Melo would not take his option for next year unless he actually plans to leave the Knicks. That is the only reason that makes sense.
