Knicks salary cap issues
The Knicks are in a tough spot when it comes to the salary cap. The specific details of Carmeloís contract have not been released, but itís safe to assume that Anthonyís deal leaves the Knicks over the salary cap.
Unless Phil makes a roster-shifting trade, the Knicks will have only the taxpayerís midlevel exception and the veteranís minimum exception to offer free agents.
The taxpayerís midlevel exception starts at $3.27 million and can be used in a contract that extends as long as three seasons. It can also be split among players. Veteranís minimum exceptions can be as long as two seasons. The value of the contract is based on that playerís years of service.
-- ESPN NY