Knicks could have $27 million in cap space

The Knicks may have more than $27 million in available cap space when they enter free agency, now that they have the No. 4 pick in the draft.

The No. 4 pick will be paid $3.4 million in the first year of his contract. This gives the Knicks an extra $800,000 to work with this summer.

Right now, New York has four players with guaranteed contracts for 2015-16: Carmelo Anthony ($22.88 million), Jose Calderon ($7.4 million), Tim Hardaway Jr. ($1.3 million) and Cleanthony Early ($845,000).