8:36pm: The Knicks have confirmed that Kidd-Gilchrist has been waived, along with guards Bryce Brown and Myles Powell (Twitter link). Brown and Powell both had Exhibit 10 contracts and are likely to play for the team’s G League affiliate in Westchester.
New York is now at the roster limit for the season, with 15 guaranteed contracts and a pair of two-way players.
Kidd-Gilchrist was in a difficult position because New York had 15 other players with guaranteed contracts for the upcoming season. An illness slowed him throughout training camp, and he didn’t appear in any preseason games. Kidd-Gilchrist had an Exhibit 10 deal, which would have paid him the minimum salary for one year if he had made the team.
The Knicks believed it was worth gambling on the 27-year-old, who was the second overall choice in the 2012 draft. His career has sputtered in recent years, and he played a combined 25 games last season for the Hornets and Mavericks.
New York still has to trim two more players off its roster before Monday’s deadline.