12:40pm: The Knicks have confirmed all the roster moves detailed below and added that they’ve turned down their team option on Theo Pinson, whom they claimed off waivers in June. Pinson’s option had been worth $1.7MM, but he’ll become an unrestricted free agent instead of remaining with New York.
The team projects to enter free agency with upwards of $38-40MM in cap room.
12:06pm: The Knicks will waive Elfrid Payton and Kenny Wooten and have decided not to pick up Bobby Portis‘ option for next season, tweets Steve Popper of Newsday. In addition, the team won’t make a qualifying offer to Damyean Dotson, who becomes an unrestricted free agent.
The decisions are designed to create cap flexibility, Popper adds (Twitter link). He notes that the team could opt to re-sign some of the players, but at lesser salaries than what they were scheduled to make (Twitter link).
Payton had a $1MM guarantee on his $8MM deal for next season. He started 36 of the 45 games he played last season, but the Knicks have indicated they want to find a new starting point guard. Gibson also had a $1MM guarantee on his $9.45MM contract, while Ellington receives $1MM of his $8MM deal. Wooten was on a two-way contract and didn’t appear in any NBA games.
The Knicks held a $15.75MM option for Portis, who averaged 10.1 points and 5.1 rebounds in 66 games last season, mostly as a reserve. Dotson, who got into 48 games off the bench and averaged 6.7 PPG, would have required a $2,023,150 QO.