AUGUST 17: The Knicks have now officially re-signed Burks as well, according to NBA.com’s transactions log.
According to Wojnarowski, Burks’ new deal will be worth $30MM over three years, while Noel will get a three-year contract worth $32MM.
Burks and Noel both signed team-friendly one-year contracts with New York in 2020 and outplayed those deals. Burks put up 12.7 PPG and 4.6 RPG with a career-high .415 3PT% in 49 games (25.6 MPG), while Noel started 41 of his 64 games, recording 5.1 PPG, 6.4 RPG, and 2.2 BPG in 24.2 MPG.
Burks had been viewed as a probable target for the Cavaliers, while Noel had been linked to the Raptors, Knicks, Hornets, and Kings. However, the Knicks entered the day with more cap flexibility than any other team, putting them in good position to get deals done with their priority free agents.
New York should still have upwards of $30MM+ in possible cap room after making their commitments to Burks and Noel.