Almost had a heart attack when I say that the Cavs and Knicks had discussed a trade.  Though it was for the 3rd overall pic lol.
But I'd be ok with the Cavs 26th for Frank.  It's clear the Knicks don't believe Frank's a fit in what they want to do.  So no reason hanging onto him and, more importantly, that near $5 in cap space.  
The 26th pic, assuming they even keep it, counts only $1.4 million against the cap.  Knicks would clear about $3.5 million more in cap space 
As far as player options at 26?  Maybe someone to replace Vonleh?  Dikembe Mutombos nephew, Mfiondu Kabengele is a big long armed mobile defender that can  shoot from 3.  He'd be a good fit in what the Knicks appear to want to run.
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