Now, they must decide what they will do during the NBA's free-agency period to potentially rise higher than they did in 2012-13.
Here's a look at the latest rumors surrounding the Knicks, complete with analysis.
Elton Brand Headed to New York?
According to Jared Zwerling of ESPN New York, the Knicks are planning to make an offer to free-agent power forward Elton Brand.
Brand is reportedly "attracted to the Knicks because of their winning culture and first-class organization." The Knicks are also close to his hometown, and his mother, Daisy, lives nearby.
This move makes sense from the Knicks' standpoint. The 34-year-old is still a reputable rotation player, and he doesn't mind coming off the bench (he made just 18 starts last season with the Dallas Mavericks). Plus, he would be decent insurance for Amar'e Stoudemire, who has played in a combined 67 games during the past two seasons due to injuries.
Brand averaged 6.0 rebounds and 1.3 blocks in just 21 minutes per game last season.
Is Chris Copeland Headed to the Pacers?
According to Marc Berman of the New York Post, Chris Copeland—who received two third-place votes for Rookie of the Year last season despite coach Mike Woodson's reluctance to play him—reportedly has three offer sheets to choose from, courtesy of the Indiana Pacers, the Los Angeles Lakers and possibly the Cleveland Cavaliers.
With the Knicks reportedly offering a portion of their $3.18 million mini mid-level exemption to point guard Pablo Prigioni, it's appearing more and more likely that Copeland will head elsewhere.
While Berman's report cites a friend of Copeland's saying that the 29-year-old forward would have a difficult time joining the Pacers after they knocked the Knicks out of the playoffs last season, the Pacers are reportedly offering a portion of their $5 million mid-level exception to Copeland, so he may indeed sign with them.
Copeland averaged 8.7 points per game in 15 minutes per game while shooting 48 percent from the field and 42 percent from beyond the arc last season.