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Report: Knicks revoke Langston Galloway’s qualifying offer

Phoenix Suns v New York Knicks

NEW YORK, NY - JANUARY 29: Langston Galloway #2 of the New York Knicks celebrates his three point shot in the second half against the Phoenix Suns at Madison Square Garden on January 29, 2016 in New York City. 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 Elsa/Getty Images)

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The Knicks got great value by signing Brandon Jennings to a one-year, $5 million contract.

But the deal came at a cost to New York -- distancing Langston Galloway

Ian Begley of ESPN:

Knicks have rescinded the $2.7 million qualifying offer to Langston Galloway, per league sources.

Galloway was a rare breed for the Knicks -- a productive young player. He was no world-beater, and being in New York probably overrated him. But Galloway defends, attacks off the dribble and has shown enough intrigue in other skills at age 24.

The Knicks should try to keep him -- and they might. They still hold his Early Bird rights and can use them to give him a four-year, $27,549,950 contract (identical to what Lance Thomas will receive). Galloway just becomes unrestricted, his cap hold lowered.

A few teams could try prying him away.