Since the Knicks are currently over the cap, they are going to need to find someone who is willing to take a pay cut in order to add a significant piece to their roster.
The maximum amount of money the Knicks can offer someone is their mid-level exception contract worth $3 million.
Most stars aren’t willing to sign this deal because it limits the amount of money and years the player can sign for.
Team general manager Glen Grunwald and head coach Mike Woodson are going to have their work cut out for them trying to convince a free agent that signing this deal will not only pay off for them financially, but that it will also put them on a championship-caliber team.
Here are five current free agents who might take a pay cut to play with the Knicks next season.
Randy Foye, a New Jersey native, has always loved playing ball in the World’s Most Famous Arena, the Mecca of Basketball, Madison Square Garden.
Now that he’s an unrestricted free agent, it is rumored that Foye has the Knicks on top of his wish list and is willing to sign the Knicks’ mid-level exception in order to return home. A source close to Foye told ESPN New York,
"He will have multiple offers at that amount and more annually. New York would be a great fit for both [playing and financial reasons]."
Foye is a combo-guard who would possibly start at shooting guard for the Knicks until Iman Shumpert returns from his injury.
It appears Jason Terry’s time with the Dallas Mavericks may be up since they are currently in a rebuilding stage and are looking to free up cap space in order to go after a young star, possibly Deron Williams.
The Knicks are reportedly looking to add three-point shooting this offseason and have Terry towards the top of their list, according to the NY Daily News.
It may be difficult for the Knicks to convince Terry to sign for the MLE, but he may be interested if they promise him a starting spot in the Knicks’ backcourt. Terry has also played and won a championship with Tyson Chandler before, so that may be a selling point for the Knicks to bring him to the Big Apple.
Crawford had some of the best seasons of his career while playing in New York and was certainly a fan favorite. Hopefully his love for New York will be strong enough that he will want to take a pay cut to return to the Knicks next season.
The current GM of the Portland Trail Blazers, Chad Buchanan, tweeted that the team is looking to add a point guard to fill a definite void on his team. If this is in fact the case, Raymond Felton’s time in Portland is most likely over.
Felton has come out and told SCNow.com that the Knicks are one of the teams that are looking into acquiring him now that he is a free agent once again.
Felton was only a member of the Knicks for 54 games after they signed him as a free agent in 2010, but put up the best numbers of his career: 17.1 ppg and 9.0 apg, during his time in New York. The Knicks’ up-tempo style of play suits Felton very well and was the reason he was so successful before getting traded to the Nuggets as part of the Carmelo Anthony deal.
Felton may be willing to sign the Knicks’ MLE deal to return to the place where he had the most success.
There is certainly mutual interest on the Knicks' end, who reportedly have Ray Allen as the top free-agent on their list of players to go after this offseason, according to the NY Daily News.
Allen would definitely make sense for the Knicks since the only starting position they have open is at shooting guard.
Many teams will be capable of offering a bigger deal to Allen than the Knicks can, but it’s being reported that he will sign with the team that he feels he can win another ring with, and not necessarily the team that just offers him the most money.
If the Knicks put on the full-court press and impress Allen when he becomes a free agent on July 1, they should have a good chance of gaining his services next season.