The Knicks would be wise not to re-sign Chauncey Billups for $14.2 million, but that doesn't mean they shouldn't try to get him back.
As poorly as the Knicks played without Billups in the playoffs, next year is not their year either. As a non-contender for the 2012 NBA Championship, why should the Knicks tie themselves to an aging and increasingly injury-prone point guard for $14.2 million?
If the Knicks decide not to renew Billups' option, the buyout would be approximately $4 million. They would also be left with only Toney Douglas at the point, a position he has proven unable to play in his short career.
While declining Billups' option is a prudent move, that doesn't mean the Knicks shouldn't try to re-sign him to a one-year deal for less money. No NBA team is going to pay $14 million to sign Billups, so the possibility remains for the Knicks to get him back for about half of that sum.
That move would allow him to be included in trade talks for free-agents-to-be like Chris Paul, Deron Williams and even Dwight Howard, all of whom the Knicks would love to bring in for their own version of "The Big Three." Teams may not want to take on the aging point guard, but at this point of his career he's no more than a one-year, stop-gap option anyway.
Re-signing BIllups also means they wouldn't have to force Douglas to be their starting point guard and could use some of that money on other needs.