I understand some may be upset at this deal, but I heard this theory on Mike & Mike this morning, and it's one I agree with and have stated before, they just articulated it a bit better.
There's going to now be an "Escape to NY" race between LBJ and Wade. Basically, NY is going to try and tell these guys, "If you commit to us you will come here, 100% you will play with a top big man. If you do not commit to us, you could be left in the dust without a superstar."
Basically, there are two really good big men out there: Amar'e and CB4. I think Boozer is going back to Utah. So basically, if LBJ and Wade do not want to be left totally without a top-tier big man, one has to sign in NY. It's half scare-tactics, half rational thinking on the part of the Knicks. Will it land someone? Maybe. But I think this was Walsh's plan all-along, he by his own admission did not have a particular player in mind. He just knew he needed to lock up a top-tier free agent to entice others.
I bet today Walsh is calling LBJ's and Wade's people saying "We have a top-tier big man, you want to play with him, commit. If Wade commits before you do, LeBron, we are going to go with Wade (and vice versa)."
They are going to play LBJ and Wade off each other, make them realize they can play in the #1 city in the world with a top-tier Big Man, and if they elect not to, they may be shit out of luck. It's a good signing, pending the arrival of someone else.