RealGM

I am guessing that this question has been asked before and is fairly fundamental. My understanding is that because the Knicks are over the cap, if they sign RFA David Lee to a $10 million contract he will be a BYC and they could only take back $5 million in salary in a trade for him (subject I think to the usual 115% plus $100,000 formula).

Is that correct?

Yup.

Thanks