What is the state of the Knicks' salary cap after signing Tim Hardaway?

As we all know, the Knicks needed to renounce the rights to some of their free agents to open any amount of cap space this summer. And now that Tim Hardaway Jr. is officially back on board, they did just that:

This move maybe confirms that Derrick Rose will not be returning to the team next season, as now that the Knicks have renounced Rose’s Bird rights and used almost all their cap space on Hardaway, they can only use cap space or the Room Exception of $4.33 million to sign him. The Room Exception allows for teams that were under the cap, but then went over (or came close enough such that the Room Exception deal would put them over) to sign any free agent to a 2-year contract at the given amount. However, it is highly unlikely that Derrick Rose will be signing a $4.33 million contract, so he’ll have to find employment elsewhere unless New York opens up some more cap space by trading Carmelo Anthony or Courtney Lee.

On the other hand, Ron Baker’s still coming back, so don’t worry about that! We have no idea how much the Knicks are paying him or even how long the contract is, but Ron’s definitely coming back.

Okay, so with Hardaway on board and Rose and Vujacic off board, what does the Knicks’ cap sheet look like? Glad you asked!

As always, my cap knowledge comes from ShamSports and CBAFAQ. A few things worth noting here:

• I used Ron’s Qualifying Offer as a placeholder for his salary because, again, we have no idea what he’s being paid or for how long. (I find that very odd, personally, which is why I keep bringing it up.) His salary can range anywhere from the second-year player minimum of $1,312,611 to the Room Exception of $4,328,000. I imagine it’s something much closer to the minimum, so using the QO seemed like a fair hedge.
• Chasson Randle’s salary is unguaranteed, though we don’t know exactly what his guarantee dates are. However, I have a feeling New York will be waiving him before any of those guarantee dates pass considering his poor Summer League performance.
• Marshall Plumlee’s salary guaranteed for $100,000 before the Knicks waived him, so they still owe him that much money.

So as things currently stand, the Knicks have virtually no remaining cap space. They can open up a bit by waiving Randle, and still have access to the Room Exception, but there probably won’t be any more big signings this offseason, barring some movement on the Melo trade front.