Wallace hasn't taken the court in two years after what was a disappointing tenure with the Boston Celtics during the 2009-10 season. The 38-year-old will back up the Knicks' current starting power forward, Amar'e Stoudemire.
New York was looking to add even more length than what it already has, and Wallace gives the Knicks more depth in that department. Wallace will join Stoudemire, Tyson Chandler, Marcus Camby and Kurt Thomas in the Knicks' stable of big men.
Last season, the Knicks were short on size and even needed Carmelo Anthony to play the 4 in several games. Chandler and Jared Jeffries battled injuries all year long because the Knicks simply couldn't afford to have either off the floor at the same time.
But that problem no longer exists.
Chandler will get more chances to rest, and Anthony won't have to get abused in the paint because the Knicks need him there. Instead, New York now has a slew of options on their bench.
Wallace also brings a championship pedigree with him to New York. Wallace was a member of the Detroit Pistons' championship squad back in the 2003-04 season, so clearly the veteran knows how to win.
This move is low-risk, high-reward for the Knicks, and what Wallace will bring to this team is worth every penny.