Christmas came early for the New York Knicks, but how miracle-filled their Christmas will actually be remains to be seen.
The Knicks were rendered extremely lucky when an arbitrator ruled in favor of the NBPA’s interpretation of early bird rights, yet New York fans cannot get ahead of themselves.
While the ruling—for the time being, at least—allows the Knicks to re-sign both Jeremy Lin—and most likely Steve Novak—without being forced to tap into their mid-level exception, it still presents the Knicks with a predicament.
Steve Nash is open to the option of playing in New York, which is also a win itself, but despite the favorable outcome to the hearing, the Knicks may still not have enough money to offer the star point guard.
Though the mid-level exemption technically allows the Knicks to offer Nash about $5 million per year, their current salary cap situation warrants only about $3 million. Re-signing Lin and Novak, and then signing Nash at $5 million per, would force New York over the luxury tax threshold.
Not only does that mean that the Knicks must pay a dollar-for-dollar tax for ever dime their over the salary cap, but it would also mean the Knicks cannot offer any more contracts, including veteran minimums, throughout the season.
Given the Knicks unstable health dynamic, such a move is more than risky. If they opt to use only $3 million of the mid-level, though—better known as the mini mid-level—that previous ruling becomes null and void.
So, what are the Knicks to do? Nash may be willing to take a pay cut, but is he willing to take more than a 70 percent decrease in salary?
Probably not, forcing the Knicks to pull of a Tyson Chandler-esque move this offseason.
Trading Amar’e Stoudemire isn’t an option, and it shouldn’t be, so let’s get that out of the way right now. The actual key to landing Nash may come in the form of Toney Douglas, who is owed over $2 million next season.
If the Knicks find a way to move him in a salary dump, their options open up. And while it’s nice to have Lin at the helm, having options is even better.
Nash is an incredible talent, and if the Knicks can land him, or another premiere free agent, without getting creative, then more power to them.
But they can’t. They’re going to have to work with what little trade assets they have to clear some room or facilitate a deal that lands them an impact player.
The early bird rights verdict was an undeniable victory, but it was just one in the series of many the Knicks must achieve to contend for a title.
Dan Favale is a firm believer in the three-pointer as well as the notion that defense doesn’t always win championships. His musings can be found at Bleacherreport.com in addition to TheHoopDoctors.com. Follow @danfavale on Twitter for his latest posts and all things NBA.
