New York’s NBA franchise may be called the Knicks, spelled K-N-I-C-K-S, but yesterday they spelled it more like the verb nixed N-I-X-E-D.
Because that is that they did to a number of contracts to create over $40 million in salary-cap space—they nixed them—by parting ways with six veteran players.
The Knicks announced that they waived forward Taj Gibson and guards Elfrid Payton and Wayne Ellington and declined the $15.75 million team option on forward Bobby Portis' contract.
Gibson was set to make $9.45 million in 2020-21, while Payton and Ellington each was scheduled to make $8 million.
The three will each make $1 million in guaranteed money from their deals with the Knicks despite being waived.
New York also declined a $1.7 million option on forward Theo Pinson's deal and waived forward Kenny Wooten, who was on a two-way contract.