Knicks Rumors: Derrick Rose's $15.6M Contract Option to Be Declined, Will Be UFA

Veteran point guard Derrick Rose is set to become an unrestricted free agent, as the New York Knicks will decline his $15.6 million option for the 2023-24 season, Newsday's Steve Popper reported on Saturday.

The Athletic's Fred Katz added that "this doesn't close the door to a potential return for Rose on a cheaper contract. Popper noted that he's "beloved" by the Knicks organization.

Rose potentially departing in New York comes as no surprise. NBA insider Marc Stein reported midway through the 2022-23 season that the team hoped to find a trade that would "do right by" the 34-year-old. While that didn't come to fruition, it was clear that his days with the Knicks were numbered.

Rose's playing time dwindled heavily this season in New York, as he made just 27 appearances and averaged just 12.5 minutes per game along with 5.6 points and 1.7 assists.

The arrival of point guard Jalen Brunson, who signed with the Knicks last offseason on a four-year, $104 million deal, led to Rose falling out the rotation. The team also made more of a commitment to playing young guards Immanuel Quickley, Quentin Grimes and Deuce McBride.

The move paid off for the Knicks, as they finished with a 47-35 record and made it back to the playoffs before falling in the conference semifinals against the Miami Heat.

It was just two years ago that Rose arrived for his second stint in New York after being traded from the Detroit Pistons. He finished third in Sixth Man of the Year voting for the 2020-21 season after averaging 14.9 points and 4.2 assists in 35 games with the Knicks.

Prior to the 2021-22 season, the Knicks signed Rose to a three-year, $43 million contract extension. He suffered an ankle injury early in the season, limiting him to 26 games on the year.

A former NBA MVP, Rose still has the ability to be a contributor in the right situation. Perhaps he will be able to sign with a team that will allow him to play meaningful minutes next season.