The Knicks have waived Renaldo Balkman, according to a tweet from Balkman himself. The Knicks were carrying a full roster of 15 players, so the move clears a spot for the newly-signed J.R. Smith, who also broke his own news on Twitter today.
Balkman, 27, was initially drafted 20th overall by the Knicks in 2006 before being traded to the Nuggets two years later. He made his way back to New York in last season's blockbuster Carmelo Anthony deal, but didn't see much playing time with the Knicks, appearing in just 17 games for the club over the last year. In 221 career contests, Balkman has averaged 4.1 points and 3.5 rebounds in just under 14 minutes per game.
Balkman's contract includes a guaranteed $1.675MM for 2012/13, so the Knicks will still be in the hook for that full amount unless the 6'8" forward signs elsewhere. If Balkman is not claimed on waivers, he'll become an unrestricted free agent.