The Knicks finished a disappointing season and have no reward to show for it as their pick is going to Denver. However there is a silver lining, they seemed to have struck gold in rookie Kristaps Porzingis. He was much further along as a player than almost everybody gave him credit for and his future looks bright. Jerian Grant, their other rookie, also performed well and seems like he will be a key player for them going forward. Aside from Carmelo Anthony, Kristaps Porzingis, and Robin Lopez, the roster needs a lot of work. The Knicks do have some cap space to play with and may be able to land a top free agent. They have zero draft picks, but could look to sign a few good undrafted players to fill out the roster. The Knicks got little production from the SG and PG spots and should look to pick up the best player available at those positions.
(Updated 7/16/16) The Knicks made one of the bigger trades this offseason as they sent Robin Lopez, Jerian Grant, and Jose Calderon to Chicago for Derrick Rose, Justin Holiday, and a future 2nd round pick. Rose still has the potential to be a top PG in the NBA, but it all depends on his health. It's a steep price to pay for an aging PG, but he does bring excitement back to New York. The Knicks also signed Courtney Lee and Joakim Noah to round out their roster. On paper they look good, but it's a matter of staying healthy. However with a lineup of Rose, Lee, Carmelo, Porzingis, and Noah they should be able to compete for a playoff spot next season.
Estimated Cap Space
Arron Afflalo SG (player option), Lou Amundson PF, Kevin Seraphin PF, Lance Thomas SF, Sasha Vujacic SG, and Derrick Williams SF (player option)
Cleanthony Early SF and Langston Galloway PG