New York Knicks create $40M in cap space by parting ways with six players

The New York Knicks created over $40 million in salary-cap space Thursday by parting ways with six veteran players.

The Knicks announced that they waived forward Taj Gibson and guards Elfrid Payton and Wayne Ellington and declined the $15.75 million team option on forward Bobby Portis' contract.

Gibson was set to make $9.45 million in 2020-21, while Payton and Ellington each was scheduled to make $8 million.

The three will each make $1 million in guaranteed money from their deals with the Knicks despite being waived.

New York also declined a $1.7 million option on forward Theo Pinson's deal and waived forward Kenny Wooten, who was on a two-way contract.

The Knicks signed Gibson, Payton, Ellington and Portis in June 2019 after failing to land the high-profile free agents that summer, including current Brooklyn Nets teammates Kevin Durant and Kyrie Irving.

In addition, the Knicks acquired Ed Davis and two 2023 second-round picks from the Utah Jazz on Thursday, sources told ESPN's Brian Windhorst and Adrian Wojnarowski.

Davis, 31, averaged 1.8 points and 3.8 rebounds in 28 games for the Jazz last season.

With the deal, the Jazz save $5 million in salary for 2020-2021. Utah is working to re-sign Jordan Clarkson and extensions are on the horizon for Donovan Mitchell and Rudy Gobert.