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Latest On Knicks, Langston Galloway

TUESDAY, 9:59am: Galloway and the Knicks are making progress in negotiations this morning, a source tells Berman.

MONDAY, 5:38pm: The Knicks and Langston Galloway are still apart on negotiations for a new contract, according to Marc Berman of the New York Post. The Knicks are willing to sign Galloway for the rest of this season but the reason for the hold up is the proposed non-guaranteed pact for next season. Galloway is a client of Michael Siegel, as our Agency Database shows.

Team president Phil Jackson has been very frugal with his cap space for next season, already declining Shane Larkin‘s team option, with the intent on remaining as flexible as possible. If Jackson doesn’t decide to guarantee Galloway the roughly $845K minimum for the 2015/16 season, Berman speculates that other teams could come into the fold if the Knicks and Galloway don’t quickly strike another agreement when the point guard becomes a free agent on Tuesday. Multiple NBA teams are indeed poised to chase him should he make himself available, tweets Shams Charania of RealGM.

The Knicks only have slightly more than $32.4MM in guaranteed money on the books for the 2015/16 season. With the lack of draft picks over the next couple years and the amount of cap space available, it would be surprising if the Knicks and Galloway don’t come to some sort of arrangement that gives the 23-year-old at least some guaranteed money for next season and gives New York another asset to help build its future team.

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