By amnestying Billups and going under the cap, we forfeit the full MLE. We will have the half-MLE available to us ($2.5 mil) which is reserved for teams under the cap.
If we had not amnestied Billups and just signed and traded for Chandler, we would have remained over the cap and would have retained the MLE and our 1 and only amnesty.
Just wanted to clarify this since so many people keep posting about using the full MLE.
Side note: Typical Knicks get worked over in a trade. The only reason we are amnestying Billups + s&t for Chandler is so Dallas can receive a Traded Player Exception. Dallas gets something for nothing and we get shafted. SMH.