The Knicks have rescinded their qualifying offer to shooting guard Langston Galloway, making him an unrestricted free agent, sources told Ian Begley of ESPN.com. Galloway’s qualifying offer was worth $2.725MM.
The move was likely made to fit Brandon Jennings‘ contract offer into cap space, Begley continues. The former Bucks, Pistons and Magic point guard agreed to a one-year, $5MM deal with New York on Monday. Galloway could still re-sign with the Knicks but rescinding the QO obviously reduces their bargaining power, since they could have matched an offer when he was a restricted free agent.
Galloway appeared in all 82 games in his second season with the Knicks, though he started just seven games. He averaged 7.6 points, 3.5 rebounds and 2.5 assists in 24.8 minutes while shooting 39.3% from the field.
The club has not renounced free agent forward Lance Thomas, so it can use Early Bird rights to sign him to a contract worth a maximum of approximately $6.2MM, Begley adds.
Several teams have shown an interest in signing Galloway, and Thomas also has a number of suitors, including the Thunder, Timberwolves, Nets and Hawks, Begley previously reported.