Notice The Knicks renounced their rights to Derrick Rose, Sasha Vujacic and Ron Baker

[truebluefan]

To make room for Tim Hardaway Jr.'s $71 million deal, the Knicks renounced their rights to Derrick Rose, Sasha Vujacic and Ron Baker and rescinded Baker's qualifying offer. They have agreed to a deal with Baker. That contract can now be for the minimum or for part of the room midlevel exception. That leaves them with very little cap space - plus the $4.3 million exception - to spend on a point guard. The Knicks, per sources, still feel they can trade Carmelo Anthony, which could potentially open up more space.

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