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

Knicks guard Elfrid Payton
Mitchell Leff/Getty Images

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?