New York Knicks president Phil Jackson will search for bargain-priced free agents as he begins rebuilding the franchise this summer. The Knicks do not own a pick in the 2014 draft, have few valuable trade assets and will be over the salary cap, regardless of whether Carmelo Anthony re-signs with the team.
Assuming Anthony does re-sign, the Knicks will be above the luxury tax threshold, which is projected to be $77 million, via Marc Stein of ESPN.com, leaving them with only the non-taxpayer exception ($3.287 per year) and veteran-minimum contracts to sign free agents.
If Anthony leaves, New York could have the non-taxpayer mid-level exception ($5.3) at their disposal. For the purpose of this article, I will assume that Anthony remains with the team.
New York would like to avoid multi-year deals in order to maintain financial flexibility for the summer of 2015. That may restrict the team to older players, those who are looking to prove themselves on one-year deals and whoever is left when the market begins to dry up.
The Knicks' biggest needs are a starting point guard and frontcourt depth. They could also use another perimeter shooter and may be in the market for a small forward, if Anthony signs elsewhere.