7:02pm: The Knicks have officially announced the deal. The only picks changing hands are the two second-rounders for this year moving from Dallas to New York.
4:50pm: The Knicks and Mavs have reached agreement on their rumored trade, according to Marc J. Spears of Yahoo! Sports (Twitter link). The deal sends Tyson Chandler and Raymond Felton to Dallas in exchange for Jose Calderon, Samuel Dalembert, Shane Larkin, Wayne Ellington, picks Nos. 34 and 51 in Thursday’s draft, as Marc Stein of ESPN.com and Adrian Wojnarowski of Yahoo! Sports detailed in earlier reports. It’s unclear if future second-round draft consideration will also head New York’s way.
The Mavs had planned a summer pursuit of Chandler, the center on their 2011 title team, three years after letting him go. Knicks president Phil Jackson seemed to dismiss the notion that he told Felton to expect to be traded, but other reports have indicated the Knicks were in the market for an upgrade at the point, which Calderon provides. Felton slumped this past season, and this week he agreed this week to plead guilty to a felony gun charge in a plea agreement that will allow him to avoid jail time.
The deal removes some of New York’s flexibility for the summer of 2015, since Calderon’s contract calls for him to make in excess of $7.4MM in 2015/16 and more than $7.7MM in 2016/17. J.R. Smith has a player option worth nearly $6.4MM for 2015/16, but the Knicks otherwise don’t have commitments for that season. The trade would allow Dallas more cap flexibility for that summer, since Chandler’s contract is up after next season and Felton’s player option for 2015/16 is about $3.95MM.
Dalembert’s approximately $3.867MM salary is partially guaranteed for $1.8MM next season. He also has a 15% trade kicker on his deal that the Mavs would be responsible for paying. Chandler would receive $500K from the Knicks thanks to a trade kicker in his deal.