Knicks are re-building.
Lopez
Porzingis
Thomas
Galloway
Grant
Now these guys may not all become the players they want them to be (Grant comes to mind) but the re-build is on for sure. Melo is our franchise player for the next 2-3 years. The concern is whether they can get good enough to the point where Melo is still an all-star at that point when Porzingis is in his prime. Right now we're competitive - a team that can get 35-40 wins and while that's significant improvement vs last season, the team is still not good enough to be a lock for the playoffs with an all-star Melo on the roster. If we somehow get in it'll be quite unbelievable at this point but there's no reason to expect it.
The positive is free agency allows us to add players to the above mentioned 5 players (Lopez/Porzingis/Thomas/Galloway/Grant) to give Melo maybe some more help in the short term.
They've got to get some internal and external help though. Internal is that guys like Porzingis at the very least (if not Grant as well) have to get much better over the coming years. Lots of hype on KP, but he's still got a ways to go. If he can become the player he is capable of, then they've now got another all-star. When you go from having a good player (which he is today) to having a very good all-star level player (which he could be at some point) it'll be the same as what we hope to do in free agency which is sign a superstar to pair with Melo. We wouldn't even need to sign that star, we'd have him in KP. Lots of hype around KP and he deserves most of it, but he's not a superstar on offense right now. He's got a ways to go, and he may be the biggest difference maker in the re-build. If he becomes a 22 points a night guy instead of the 15 points a night guy he is now, it will go a long, long way. If this happens then all Phil really has to do is put some quality role player starter types around he, Melo and Lopez - in the backcourt. We're not that far away if Porzingis can become this sort of player. You'd have Melo giving you 20 a night, KP 20-22, and if you surround them with some defensive minded players that can shoot the ball from outside, you're in business.
On the other hand if KP isn't that sort of player in the making, if he's more in line with being a 3rd option who is comfortable being in the 15-17 points a night range, then the Knicks will be competitive but not really close to the top for a long time unless a star free agent signs with them. The importance of an all-star free agent signing with the Knicks in 2016 or 2017 becomes that much more if KP isn't able to reach that elite level himself. I know it's plenty to put on KP's shoulders but he seems he's willing to take that pressure and burden on.
The positive is that in this season so far, the re-build has shown some promise. KP has shown he can be a star on certain nights if he gets stronger and works on some of his post moves. Melo has shown he'll be a great teammate and pass the ball if teammates are making shots. If we can get some younger free agent guards in to replace Afflalo/Calderon as starters, we're looking solid. I do believe that it is a pretty simple thing in terms of contending for the Finals. Either Porzingis has to become that all-star level player or we have to sign one in free agency. If somehow we are fortunate enough to get both of those things - by 2017 onward we would be where Cleveland is right now - a team that would be the best in the East every year.
This can go many ways. Internal growth and what happens with free agency will play a big part.