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The Knicks picked up Tim Hardaway Jr.'s third-year option

...and only Tim Hardaway Jr.'s third-year option.

Eric Bolte-USA TODAY Sports

The Knicks have two players who were first-round picks in 2013, and thus have 2015-2016 contract options that must be exercised by Friday. Tim Hardaway Jr. is one such player, and the Knicks just picked up his option, locking into a $1.3 million commitment to Hardaway next season.

Cool. I think that's the right move.

Shane Larkin is the other such player. Adrian Wojnarowski told us two weeks ago that the Knicks intended to pick up his third-year option, but then heard that had changed last week. Unless New York's still deliberating, it looks like they'll pass on Larkin's option, making him a free agent at year's end.

These are tough little decisions, because you have to predict the future. Eight months from now, would the Knicks prefer to have Larkin on board for another season, occupying a small chunk of their 2015 cap space? Or would they rather keep that $1.6 million of space open and let the market decide whether they want to bring Larkin back? Well, it depends what he's worth! And the Knicks don't know that for sure yet! I think every future contract option decision should come with a chance to look into the future. It's not fair otherwise.

Anyway: See you again next year, Tim. And we'll see, Shane. (It's pretty much assumed at this point that Iman Shumpert won't get an extension, but I believe that deadline is this week as well. Different situation, same deadline. I think.)