The New York Knicks have reached an agreement with Tyson Chandler on a new contract that will be signed this afternoon once the NBA officially allows transactions, according to The New York Times. In order to make room for that deal, the Kicks are expected to use their amnesty clause to waive point guard Chauncey Billups.
“It will be finished today,” a person involved with the transactions told The Times.
Under the NBA’s new amnesty clause, Billups will still receive the money he is owed on his contract, $14.2 million, however that total will no longer count against the Knicks’ salary cap. This move is expected to help make room for Chandler, who will sign a contract that is believed to be worth $58 million over four years.
Under the rules of the new collective bargaining agreement, teams will soon be allowed to place bids on Billups during the amnesty waiver process.