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T-Mac traded in 3-team deal
By: espn.comPosted On: 02/18/2010 3:39 P
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Tracy McGrady is heading to the New York Knicks, who now have more than $9 million of additional salary cap space to use in free acency this summer.
Tracy McGrady is heading to the New York Knicks, who now have more than $9 million of additional salary cap space to use in free acency this summer.
Sources told ESPN.com that the Houston Rockets, Sacramento Kings and New York Knicks have agreed to terms that will expand the Houston-Sacramento deal into a three-way trade.
The Knicks will acquire McGrady and Sergio Rodriguez from Sacramento, the Rockets get Kevin Martin and Hilton Armstrong from Sacramento and Jordan Hill and Jared Jeffries from New York. Houston also will have the right to swap first-round picks with New York in 2011, and the Rockets also get New York's 2012 first-round pick.
Sacramento obtains Houston's Carl Landry and Joey Dorsey and New York's Larry Hughes.
A source close to the negotiations told ESPN NBA Insider Chad Ford that the Knicks' 2011 pick is top-1 protected, and the 2012 pick is top-5 protected.
The deal will put the Knicks more than $30 million below the salary cap on July 1, when they will pursue several members of a free agent class headed by LeBron James, Chris Bosh and Dwyane Wade.
Depending on where the 2010-11 salary cap is set, New York could have enough room to make maximum offers to two free agents, which was the lofty goal team president Donnie Walsh set for himself upon taking over the Knicks nearly two years ago. The Knicks have not been below the salary cap since 1996 when they signed free agents Allan Houston and Chris Childs.
The Rockets and Kings agreed on a McGrady trade late Wednesday night, and the Knicks -- who had been in detailed discussions with the Rockets for weeks -- came in as the third team with basically the same package they were originally offering to Houston.
McGrady's nearly $23 million salary comes off the books July 1, as does Al Harrington's $10 million contract and Chris Duhon's $6 million deal. Depending on whether the Heat and New Jersey Nets make any deals by Thursday's 3 p.m. ET deadline, New York could have the most cap space of any NBA team this summer.
The Knicks also reached agreement Thursday on a trade sending Nate Robinson and a second player to Boston for Eddie House, Bill Walker and J.R. Giddens.
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