I remember when GSW took Curry 1 spot before us and we took Jordan Hill, who while projected to go 4th that year, was widely regarded as a high bust possibility. No offense to Toppin but a big man dropping 4th to 8th makes me think of Jordan Hill. Dermar Derozan was a flawed player and still is a flawed player, but he has had a fantastic career and we would have been lucky to have him.
I think if the Knicks draft Dermar Derozan instead of Jordan Hill the garden is infinitely different. With a little patience and some luck, there is a multiverse where Derozan/Gallinari/Anthony/Stoudemire are your starting 4. Maybe Stoudemire's eyes don't fall apart and D'antoni has a monster season. You add a 3&D pg to that team and its probably not beating the Miami superfriends, but you have a ton of assets still and keep making moves.
Then, you actually still have cap space clearing to sign Anthony outright. Maybe you need to do something to make the cap work on Anthony, but not the haul that George Karl got and you don't take back Billups' contract.