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Updated 4/17 with expiry of Ricardo Ledo's second 10 Day Contract and signing of Ricardo Ledo to a two year contract.

Current Cap Space: None. $17,559,245.00 over
Maximum Cap Space: None. $17,559,245.00 over (if all options/guarantees were not picked up, all FAs renounced, no draft picks were to be signed this season, and all Exceptions were renounced)
Luxury Tax Space: None. $4,574,915.00 over
Tax Apron Space: None. $574,915.00 over
2015-2016 Maximum Cap Space: $29,871,865.00

How I got there:

Guaranteed Contracts (15): Quincy Acy, Cole Aldrich, Louis Amundson, Carmelo Anthony, Andrea Bargnani, Jose Calderon, Cleanthony Early, Langston Galloway, Tim Hardaway Jr., Shane Larkin, Ricardo Ledo, Jason Smith, Alexey Shved, Lance Thomas, Travis Wear

Partial/Non-Guaranteed Contracts Kept to date (0): None

Carried Money (17): Louis Amundson 1 ($570,360.00), Louis Amundson 2 ($53,838.00), Louis Amundson 3 ($53,838.00), Samuel Dalembert ($1,984,245.00), Langston Galloway 1 ($31,000.00), Langston Galloway 2 ($29,843.00), Langston Galloway 3 ($29,843.00), Alex Kirk ($220,840.00), Ricardo Ledo 1 ($48,028.00), Ricardo Ledo 2 ($48,028.00), Arnett Moultrie ($1,136,160.00), Amar'e Stoudemire ($20,910,988.00), Lance Thomas 1 ($412,730.00), Lance Thomas 2 ($53,838.00), Lance Thomas 3 ($53,838.00), Jordan Vandenberg ($27,000.00), Metta World Peace ($555,166.00)

FA Cap Holds (2): Mike Bibby, Baron Davis

Draft Pick Holds (0): None

Current Exceptions: Taxpayer Exception used on Jason Smith. No BAE due to being above Tax Apron. TPEs of $3,637,073.00 (Raymond Felton), $1,863,840.00 (Travis Outlaw), $2,616,975.00 (Iman Shumpert), $5,982,375.00 (J.R. Smith).

New York is likely to be stuck as the same team next year with or without Anthony.

Bringing on Phil Jackson was a huge move that brought up their street cred as an organization that has fallen flat for many years. The question is can Phil sell Melo on waiting for 2015 and show him what he can do and hope that Melo is willing to stay? My guess would be is that Melo is most likely to opt out for sure and don't be surprised if he is S&T to whatever team he goes to. The new CBA has weakened bird rights not to mention sign and trades so the Knicks will be lucky to get 2 first rounders or a combination of draft picks since they can't take back salary due to being over the cap. This would be a tough sell to tell Anthony that he has to carry this same exact group for next year.

The other issue is who will be the coach? Steve Kerr is looking like he will become coach due to his familiarity with the triangle system. Will Anthony be willing to modify his game and change for the better or is it too late?

Interesting times await gotham city.

I would be interested in keeping Murray. He's young and won't cost much.

I think they will keep Cole Aldrich around to help protect the rim.

Cole and Tour'e should be kept around if possible. Especially Murray on his QO since it's not like we're near the cap to make a move. If Phil did do some crazy move like dumping Amar'e, Tyson, or Bargs for nothing- then maybe rescind the QO if necessary for space/flexibility. But that's highly unlikely and would still mean you offer the QO for now at least.

Cole could get that extra 25% bump since he was here a year I believe, so that could entice him to stay. Although I could see Phil insisting on a 2nd year team option (at the cost of guaranteeing the 1st year)- which could scare him off.

I know it's not always possible, but I wish we made more signings like Morey with multi-year minimum deals to reward us for taking chances on borderline players or when Grunwald would sign players to un-guaranteed 2nd years to turn them into de-facto TPEs. It's a no-risk, very-high reward type move because you could turn literally nothing (a minimum signing, which you can do as many as you want as long as you don't mind waiving people haha) into an asset (even if it is minor).

Updated OP on 6/2.

Updated OP on 6/23 to reflect Carmelo Anthony exercising his ETO. Not a tax team anymore!

Updated OP on 6/24 to reflect Bargnani and Stoudemire opting in.

I think the most urgent thing the Knicks need to do is package Felton and Shump together for an expiring.

Then try to package JR and Prigs together for another expiring contract.

Toine85 wrote:I think the most urgent thing the Knicks need to do is package Felton and Shump together for an expiring.

Then try to package JR and Prigs together for another expiring contract.

Smith+Prigs for Prince's expiring works under the cap, and probably works for Memphis. It's the kind of gamble they need to take to bump them up from fringe contention, though they'd miss Prince's D.

Does Prigioni primarily play pg?

Yeah, Prigs is a PG. Also, I'd do that trade.

But does JR make sense on the Grizz when you already got Tony Allen and Courtney Lee at the 2?

Prospect Dong wrote:

Toine85 wrote:I think the most urgent thing the Knicks need to do is package Felton and Shump together for an expiring.

Then try to package JR and Prigs together for another expiring contract.

Smith+Prigs for Prince's expiring works under the cap, and probably works for Memphis. It's the kind of gamble they need to take to bump them up from fringe contention, though they'd miss Prince's D.

Does Prigioni primarily play pg?

Toine85 wrote:Yeah, Prigs is a PG. Also, I'd do that trade.

But does JR make sense on the Grizz when you already got Tony Allen and Courtney Lee at the 2?

Prospect Dong wrote:

Toine85 wrote:I think the most urgent thing the Knicks need to do is package Felton and Shump together for an expiring.

Then try to package JR and Prigs together for another expiring contract.

Smith+Prigs for Prince's expiring works under the cap, and probably works for Memphis. It's the kind of gamble they need to take to bump them up from fringe contention, though they'd miss Prince's D.

Does Prigioni primarily play pg?

It's not perfect, but I think all three of them can probably defend the 3 spot at least part time. Certainly Allen can, and Miller (if he's retained) and Q-Pon are primarily 3's.

Updated OP on 6/26 to reflect the trade.

Updated OP on 6/26 at 4:15 PM EST to reflect correct trade kicker for Dalembert and to add TPE for Raymond Felton.

Updated OP on 7/2 to reflect current standing.

Prospect Dong wrote:

Toine85 wrote:Yeah, Prigs is a PG. Also, I'd do that trade.

But does JR make sense on the Grizz when you already got Tony Allen and Courtney Lee at the 2?

Prospect Dong wrote:
Smith+Prigs for Prince's expiring works under the cap, and probably works for Memphis. It's the kind of gamble they need to take to bump them up from fringe contention, though they'd miss Prince's D.

Does Prigioni primarily play pg?

It's not perfect, but I think all three of them can probably defend the 3 spot at least part time. Certainly Allen can, and Miller (if he's retained) and Q-Pon are primarily 3's.

It's the kind of risk teams over the cap with limited flexibility need to take. The extra year of Smith at the expense of an over the hill prince is reasonable risk reward

Updated OP on 7/10 with official Cap and Tax Apron Numbers

Updated OP on 7/12 with waiving of Lamar Odom.

Updated OP on 7/13 with signing of Cole Aldrich.

Updated OP on 7/14 with signing of Carmelo Anthony.