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After waiving Joakim Noah on Saturday, the New York Knicks will use the stretch provision on the remaining year of his contract to clear salary-cap space in an effort to pursue top free agents in the summer of 2019, league sources told ESPN.
Using the stretch provision reduces Noah's cap hit of $19.3 million in 2019-20 to $6.4 million, saving the team $12.9 million toward the cap. Stretching his contract, though, will cost the Knicks $6.4 million in cap space in the summers of 2020 and 2021.
read more http://www.espn.com/nba/story/_/id/24973763/new-york-knicks-waive-joakim-noah
Using the stretch provision reduces Noah's cap hit of $19.3 million in 2019-20 to $6.4 million, saving the team $12.9 million toward the cap. Stretching his contract, though, will cost the Knicks $6.4 million in cap space in the summers of 2020 and 2021.
read more http://www.espn.com/nba/story/_/id/24973763/new-york-knicks-waive-joakim-noah