It took more than eight months from the day he was named as Knicks president for Leon Rose to make his first personnel moves, but he wasted little time once he started, reshaping the roster drastically in a 24-hour flurry.
After drafting Obi Toppin and Immanuel Quickley Wednesday night, the Knicks signed Seton Hall's explosive Myles Powell and invited him to training camp. And then as soon as the window was opened to pick up or reject team options, Rose brought a machete to the Knicks' roster.
The Knicks waived Elfrid Payton, Wayne Ellington and Taj Gibson, who had partial guarantees on their contracts. They did not pick up the team options for Bobby Portis and Theo Pinson and also waived Kenny Wooten, who had a two-way contract. The team also did not make a qualifying offer to Damyean Dotson, which allows him to be an unrestricted free agent. The Knicks will bring back Reggie Bullock with a one-year, $4.2 million contract, which had a $1 million guarantee.
Rose then swung a deal Thursday afternoon with the Utah Jazz, who were trying to free up cap space. The Jazz will send the Knicks veteran forward Ed Davis, who is due $5 million on the final year of his contract, and a pair of 2023 second-round picks. The Knicks will absorb the cost into their cap space, still leaving them with approximately $35 million to spend. The deals have provided the Knicks with a total of two first-rounders and four second-round picks in the 2023 NBA Draft. That year's showcase figures to be stocked with talent, as it expected to be the first time that high school seniors can enter along with what would have been the rest of the prospects.
The Knicks can still bring back the players who were waived on lesser contracts. Portis and Gibson are the most likely candidates. But the moves provided the team's front office with more cap space and flexibility as free agency begins Friday evening and in the trade market.
The temptation will certainly be there for Rose to bring a big name to New York. Boston's Gordon Hayward opted out of his remaining year at $34 million and is a free agent. He has many options, including searching for a team like the Knicks or Hawks with the space to fit him, a sign-and-trade deal from Boston or simply signing a longer deal at a lower annual salary to remain with the Celtics. Toronto guard Fred VanVleet is the highest-rated free agent in a less-than-stellar class.
With the $35 million in cap space available, the Knicks may go after a big-name point guard. Russell Westbrook, who could be had if the Rockets lower the asking price, is a high-risk move. He is 32 years old with seven surgical procedures on his medical chart and despite continuing to put up huge numbers as a triple-double threat, he brings a three-year, $132 million contract. It would put a crimp in the Knicks' plans for next summer when the free-agent market is far more attractive than this one.
The most attractive option this free agency may be VanVleet, but he also will be pricey. He is expected to be seeking a deal worth more than $20 million per season. The Raptors have expressed interest in keeping him, too, although many of the other teams expected to be suitors for him cut into their cap space this week.
The 6-2 Powell was the only player immediately brought in after the draft. He went undrafted despite winning the Jerry West Award as the best shooting guard in the NCAA and Big East Player of the Year honors. He was a consensus first-team All-America selection and a finalist for the NCAA Player of the Year honor — which went to new Knick Toppin.
