The New York Knicks began rebuilding on Thursday by releasing six players and eliminating $ 40 million in contracts that affected his salary cap.
LThe Knicks’ decision confirms the serious crisis the NBA is going through after the salaries of many players became prohibitive for the owners of a large part of the franchises in the aftermath of the coronavirus pandemic.
The Knicks announced they have resigned power forward Taj Gibson, point guard Elfrid Payton and guard Wayne Ellington. and they rejected the team option $ 15.75 million on the contract for power forward Bobby Portis.
Gibson planned to earn $ 9.45 million in 2020-21, while Payton and Ellington were to receive eight million dollars each.
All three will each win a million dollars in guaranteed money in his deals with the Knicks despite being excluded from the team.
The Knicks also turned down a $ 1.7 million option on guard Theo Pinson’s contract. and quit second-year forward Kenny Wooten, who had a two-way contract.
The Knicks hired Gibson, Payton, Ellington and Portis in June 2019 after failing to land high-profile free agents that summer, including current Brooklyn Nets teammates forward Kevin Durant and point guard Kyrie Irving.
In addition, the Knicks acquired power forward Ed Davis and two second-round picks from 2023 on Thursday.
Last season, Davis, 31, averaged 1.8 points and 3.8 rebounds in the 28 games he played as a reserve with the Jazz.
With the deal, the Jazz also save $ 5 million in salary cap for 2020-2021.