Washington is rescinding its qualifying offer for Portis, according to The Athletic’s Fred Katz (Twitter link). The move will allow him to sign with New York without the threat of Washington matching an offer sheet.
Portis re-signing with the Wizards was unlikely given his salary expectations. There was always a sense that Washington would have to choose him or Thomas Bryant when prioritizing a big man to re-sign. Bryant agreed to a three-year deal with the Wizards earlier in the day.
The Knicks are projected to have approximately $27.5MM in cap room after today’s agreements, ESPN’s Bobby Marks tweets.