Added: Tracy McGrady (expiring), Eddie House (expiring), Sergio Rodriguez (expiring), Brian Cardinal (expiring), Bill Walker (expiring), J.R. Giddens (expiring).
Lost: Nate Robinson (expiring), Jared Jeffries (one year, $6.9 million), Larry Hughes (expiring), Jordan Hill (one year, $2.7 million), Darko Milicic (expiring), Marcus Landry (expiring), draft position rights in 2011 (No. 1 pick protected), a first round pick in 2012 (top-five protected).
The Knicks essentially dealt the No. 8 pick of the 2009 draft (Hill) and a future first round pick to save $9.6 million in cap space for next season and give McGrady a 29-game tryout.
This doesn't sound terrible at first, but it gets worse when you consider the following:
1. With the No. 8 pick in the 2009 draft, the Knicks passed on a collection of rookies who are performing well—Brandon Jennings is one. Hill is the first and only first round-selected rookie to be traded this season.
2. The Knicks went from being in a position to enter the offseason with $29 million and six players under contract to $38 million and just four players under contract.
Cutting costs is important, but so is making moves to improve the team. David Lee, Al Harrington and Chris Duhon will all walk at season's end. Why weren't they dealt for something?
Winners are built from within, not by slapping together a collection of free agents.
Sure, the Knicks have money to spend, but so do many other teams. It's foolish to even waste a second believing any elite free agent from a winning situation is going to join a rebuilding process for a less dollar amount than they can receive at home.
Donnie Walsh is playing it way too safe, continually putting off the big decisions that need to be made.
Bottomline: The Knicks had a chance to improve at the deadline and didn't.