Mudiay, 23, averaged 14.8 points, 3.9 assists and 3.3 rebounds per game while shooting 44.6 percent last season with the Knicks. He set a career high in points and shooting percentage while starting 42 games, his most since his rookie season.
Kornet, 23, averaged 7.0 points and 2.9 rebounds in 46 games last season.
The Knicks allowed both players to become unrestricted free agents to maximize their available cap space. They are expected to pursue Kyrie Irving, Kevin Durant, Kawhi Leonard and most top free agents in an effort to reinvigorate the franchise. Allowing Mudiay and Kornet to hit the open market leaves open the possibility of landing two max-level players.
Haynes reported the Knicks have interest in bringing Mudiay back, though that would only be as a backup plan. The No. 7 pick in the 2015 NBA draft struggled to make an impact with the Denver Nuggets before being shipped to New York at the 2018 trade deadline. He flashed some improvement as a scorer this past season, but he still appears best suited for a reserve role moving forward.
"I think I improved," Mudiay said in April, per Chris Iseman of NorthJersey.com. "But at the same time, [head coach David Fizdale] put me in a great position to go out there and be myself, play my game. I feel like I gave myself more life and the confidence went up this year."
Kornet, meanwhile, will try to find a team willing to bring him in as a reserve big who can stretch the floor. A whopping 193 of Kornet's 283 shots this season came from beyond the arc.