We knew how this was going to end. It was going to be as big a surprise as the ending of “First Man.” (Hint: The Americans make it to the moon, it wasn’t faked.)
Saturday it finally happened: The New York Knicks have waived and stretched the contract of Joakim Noah, the team announced Saturday. It’s the end of the disastrous four-year, $72.6 million contract that Phil Jackson signed Noah to, which ended up being an anchor on the Knicks rebuilding efforts. In the pantheon of horrible Summer of 2016 contracts — Timofey Mozgov, Luol Deng, so many others — Noah stood out as the worst, the biggest train wreck of them all.
The Knicks were hoping for a discount from Noah to get out of his contract (as Deng did, for example). However, with no NBA prospects out there (as reported by Adrian Wojnarowski among many others), Noah had no incentive to offer a break to the Knicks. So he didn’t.
Because of the timing of this waive and stretch (as the Knicks planned), Noah will get his full $18.5 million for this season, it is his final season of $19.3 million that will be stretched out over the next three years. Bobby Marks of ESPN broke it down:
New York will incur an $18.5M cap hit in 2018-19 that will be reduced by $522,252 if the center signs a 1 year $2.4M (minimum exception) guaranteed contract with a new team. For the next 3 seasons (2019-20 to 2021-22), New York will be charged $6.4M on the $19.3M amount owed to Noah. If the Knicks do not give Kristaps Porzingis a max rookie extension by Oct.15, New York projects to have $31M in room next summer. The room will increase to $38M if Lance Thomas is waived.
That’s enough cap room to chase a max salary player such as Kevin Durant or Kyrie Irving (not that they are coming to NYC, relax people, they are merely free agent max players next summer used as an example). There was some thought the Knicks would hold off and use him as salary ballast in a trade (or maybe another team would want him, so he would take a buyout discount), but the contract was unmovable, so they just decided to bite the bullet now.
Noah is now an unrestricted free agent.
However, there is little to no traction for him with other NBA teams. Noah has battled injuries and played in just 53 games over two seasons with the Knicks, and when he has gotten on the court he has looked like a shell of the former Defensive Player of the Year. Father time has won the race. Maybe midseason a team takes a flier on Noah, but I wouldn’t bet on it (teams taking a flier on a big usually prefer a younger player they might develop into a long-term player for them).