The New York Knicks decided to decline Kristaps Porzingis to a rookie extension deal just before the deadline on Monday. This is a move which will help the Knicks captivate an extra sum of $10 million as cap space in the 2019 summer and will also make Porzingis a restricted free agent in the offseason.
The team has plans to acquire top free agents in the 2019 summer, when a class which includes Toronto Raptors forward Kawhi Leonard, Golden State forward Kevin Durant, Minnesota Timberwolves guard/forward Jimmy Butler and Boston Celtics point guard Kyrie Irving is expected to test for free agency. Though, Irving said previously this month that he has plans to resign with the Celtics.
By waiting until 2019 summer to make negotiations for an extension deal with Porzingis, who is presently recovering from ACL surgery, is close to having enough cap space for a player. The team has also waived off Joakim Noah and has stretched the $19.5 million that he owes in 2019-20, which is the final season of his contract to develop more cap space for 2019 summer. Knicks projects to have $31 million stored for the next summer. This does not affect the salary owned to its first-round pick of 2019 or the free agent hold of Enes Kanter, who is currently in the last year of his deal.
The projected maximum contract for 2019 season for a player having 7 to 9 years of service is a sum of $32.7 million. While on the other hand, the projected max contract for a player having more than ten years of service is $38.15 million. As such, the club will require finishing at least one more transaction which reduced their 2019-20 salary commitments to sign a free agent to a max deal. The Knicks hopes to pair that player along with young core headlines by Porzingis.
