WEDNESDAY, 1:44pm: The Knicks and Rockets have officially completed the sign-and-trade that will send Camby to New York, the Knicks announced in a press release.
MONDAY, 6:47pm: The Knicks will acquire Marcus Camby from the Rockets via sign-and-trade in a deal sending Toney Douglas, Josh Harrellson, Jerome Jordan, and draft picks, sources told Wojnarowski (Twitter link). Camby's deal will be a three-year pact worth $13.2MM with the final year partially guaranteed, according to Wojnarowski (Twitter links). The big man will make $10MM in the first two seasons and $3.2MM in the final year, if he stays on.
The Rockets will get the Knicks' second round picks in 2014 and 2015, Wojnarowski tweets. Meanwhile, the Knicks will pay Douglas' salary of $2.1MM in Houston.
Camby met with Knicks brass on Sunday and the two parties hit it off. The 38-year-old proved last season that he still has plenty left in the tank as he averaged 9.0 rebounds per contest for the Blazers and Rockets. Camby had said earlier in the offseason that he would like to return to Houston but changed his tone as he believed the club's moves were made with an eye on rebuilding rather than contending next season. The Heat and Nets were also in on the big man.
Douglas, 26, began the 2011/12 season as a member of the Knicks' starting lineup but saw his minutes erode over time. The guard was also hampered by shoulder issues throughout the year and finished the campaign with 6.2 PPG and 2.0 APG in 38 games.
Meanwhile, Harrellson and Jordan have non-guaranteed contracts and can be waived at no cost to Houston. If they choose to hang on to either center, they will cost just $762K, the minimum for players with one year of NBA experience.