It's optin' and extendin' day in the NBA, and the only business the Knicks had to take care of was the fourth-year option on the contract of one Toney Douglas, Esquire. And they did it! Howard Beck twat the news:

Knicks will pick up Toney Douglas' fourth-year option today, keeping him under contract through 2012-13.

According to HoopsHype, that option is for just over $2 million and sets Douglas up for a qualifying offer the following season. I suppose it wasn't a given that the Knicks would bring Toney back, what with his discouraging play of late, but at a relatively cheap cost and with minimal advantage to opting out, it seems like a reasonable move to make. Hell, if Toney gets back to Doing What Toney Douglas Do like we know he can, it'll be a bargain.

In any event, congratulations to Toney. I imagine he'll treat himself to some new chinos, one of those really comfy neck pillows for planes, and a fancy jar of pickles.