Written By: Matt Vereb
The NBA trade deadline is behind us. Team rosters, for the most part, are set for the rest of the season. For the past few weeks, the Knicks have spent a majority of their time seeking trade partners. They were able to obtain financial relief. They were able to to find suitors as they unloaded Jordan Hill, Nate Robinson, and Jared Jefferies among other stipulations.
So where does this leave the Knicks for next season?
Here is a financial breakdown of the committments for the 2010-2011 NY Knicks:
Eddy Curry’s deal is a player option, which he will pick up. All the others have guaranteed salaries for 2011. So what can the Knicks do, financially? The current NBA Salary Cap stands at $57.7 million per team after tax. The before tax figure stands at $69.9 million per team. If teams exceed this amount, they will pay $1 for every dollar over the cap. The salary cap tends to fluctuate based on overall NBA revenues. The NBA operates under a ‘soft cap’ which essentially means the league will give each team a little financial leeway in order to retain a player. While we do not know what the exact cap will be for the 2010-11 season, the Knicks will roughly have $50 million to spend on next year’s team.
What is the NBA Max Contract?
A ‘Max Offer’ depends on how long a player has been in the NBA. Teams can offer an individual player up to 35% of the team’s yearly salary cap per year if that player has been in the league for 10+ seasons(Dirk Nowitzki and Joe Johnson apply here). For the basis of this article, the Knicks are targetting players in Dwayne Wade, LeBron James, and Chris Bosh, who are completing their 7th season in the league. Players who have played for 7-9 seasons, can be offered a maximum of 30% of a team’s annual salary allowance. Based off this year’s numbers, the max contract these players can receive is $20.97 million per year. All three of these young Superstars will receive multipe offers of the exact same amount from different teams. The Curve Ball? The Knicks can offer 2 Max Contracts. They will be the only team in the league that will be able to do this. If the Knicks can get two of these players to agree(Hello Dwayne and LeBron), they will have roughly $10 million left to fill out their roster. Bringing back David Lee should also be a priority for the team.
Financially, the Knicks have positioned themselves for this Summer. The books have been cleared. The financial overhaul of the NY Knicks has been successful. It’s time to catch the big fish(es) and bring them to the big pond(NY). Hopefully, we’ll be bullish on the Knicks heading into the 2010-11 season.