The Knicks are planning to part ways with Joakim Noah sometime after Sept. 1, according to ESPN.
New York general manager Scott Perry has been trying to find a deal for the often injured center, but has been unable to get an adequate trade partner and has been unwilling to part with a young player or a future first-round draft pick to get rid of him.
According to ESPN, the Knicks are considering using the waive-and-stretch provision which would allow the team to extend out Noah's remaining two years and $37.8 million on his contract to four years after waiving him.
In doing so, the team would still have to pay Noah because he has compensation protection in his deal, but they could lessen the cap hit on the team's salary by stretching his deal out.
"Using the stretch provision after August 31 reduces Noah's cap hit to $6.4 million, saving the team $12.9 million toward the salary cap," the ESPN report says. "Stretching his contract after September 1 costs the Knicks $6.4 million in cap space in the summers of 2020 and 2021.
"The $18.5 million salary for 2018-19 still counts toward the Knicks salary cap, although that number could be reduced if a buyout is agreed upon with Noah, or if New York doesn't waive the set-off in his contract."
This is all assuming the Knicks are unable to find a trade partner for Noah, who has played just 53 games in two years with New York.
Noah has averaged 4.6 points in two years with the team.
