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The Knicks will pick up Chauncey Billups's option.

Jonathan Abrams just twat it:

Knicks announce they picked up Chauncey Billups's option

The "option", of course, is a 14 million unguaranteed dollars in the last year of Chauncey's contract. They're guaranteed now. For some clarification on what this all means, here's Alan Hahn:

Let's assume the Knicks want to keep Fields, but Rautins may be a casualty of roster spots, experience and finances, especially with the first round pick on deck. Let's also assume Turiaf picks up his option, because with the uncertainty of what the new collective bargaining agreement will bring, it makes sense to lock in your money while you can.

That would give the Knicks, if Billups remains, eight players and a first round selection under contract come July 1 (or whenever a lockout ends) for a total of $61,124,491. Even if the current system remained in place, the Knicks would be a few million over the cap. Now you can get some of that back by dealing Balkman to someone for a second round pick, with $3 million cash to basically pay for his contract. But that's not going to get you much room to work with in free agency, let alone signing back a few of your own players, such as Shawne Williams.

So, retaining a competent point guard slims the bankroll quite a bit. Don't forget, though, that Billups's hefty expiring contract might be an attractive trade piece if the Knicks are inclined to make moves at some point. At least that's what they tell me.

In any event, welcome back, Chauncey! Make sure you do your stretches every day! CHANCY PULL-UPS 4 LYFE!