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The answer to this one lies more in the other players involved in the trade. If the Knicks get a few more key pieces in the deal without giving up too much, then I think they could find a way to win a championship in 2011.
Here is a trade that could benefit all the teams involved that would send Carmelo to the Knicks.
Eddy Curry expiring contract
Knicks First Round Pick 2011 and 2012
Wilson Chandler expiring contract
Roger Mason expiring contract
Nuggets First Round Pick 2011
This trade would give the Knicks a shooting guard they really need and give them Carmelo. The Nuggets would not only get pieces to help them rebuild in Mayo and Gallinari, but they also get picks. Memphis gets a few young guys that help them this year and expiring contracts to help them in the offseason.