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Knicks re-signing Elfrid Payton, signing Alec Burks in quiet start to free agency

Knicks guard Elfrid Payton

PHILADELPHIA, PA - FEBRUARY 27: Elfrid Payton #6 of the New York Knicks dribbles the ball against the Philadelphia 76ers at the Wells Fargo Center on February 27, 2020 in Philadelphia, Pennsylvania. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Mitchell Leff/Getty Images)

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The Knicks waived Elfrid Payton to make room for… Elfrid Payton.

New York once again struck out on top free agents.

But at least the Knicks are again not mucking up long-term flexibility, so far agreeing to sign Payton and Alec Burks to only one-year deals.

Adrian Wojnarowski of ESPN:

Payton will actually get a double paycheck from the Knicks next season. His previous contract was $1 million guaranteed.

If his new deal is actually for $4,767,000 or less (and just rounded up in reporting), New York could fit him into the room exception and preserve cap space.

But what would the Knicks do with that cap space?