This off season fix, won't kill the bank but will leave an opening to finish off a move maybe for Love or someone in 2015:
Regardless if we trade or void Felton's contract, after this season really doesn't hinder us one way or the other so lets say we trade him...
Trade Felton, Chandler to Lakers for draft pick (2015 pick) - really don't see them forfeiting a 1st Rd, so a 2nd Rd is better than nothing...
Trade Prigioni, J.R. Smith & Bargnani to Miami especially if LeBron opts out, more than likely Bosh will stand pat with Wade and they could be enticed for a (2015 pick) taking on a backup PG Pass First, a decent 6th Man w/ good locker room stability can control this nutcase and Bargnani in contract year who is Restricted & still has enough talent to be a role player... Same like the Lakers, acquiring a 2nd Rd pick to unload these contracts should be the play...
Because we are stuck with Amare Stoudemire and seems he has been some what affective this season, placing him as the team's 6th Man for next season limiting his role with the team should be enough for all parties to save face...
Qualifying Offers to Toure Murry & Jeremy Tyler will allow the Knicks to retain two young premier prospects...
Will also likely be able to re-sign Earl Clark, Kenyon Martin and/or Shannon Brown on 1 year deals...
Around the league there should be a few players waived for various reasons, which the Knicks could add as bench/prospect to the roster...
By making these few moves with little return will open up the cap just enough for the Knicks to target E. Bledsoe or Kyle Lowery in free agency, and possibly a couple of other potential players like Lance Stephenson and/or Andray Blatche to 4 year deals (3yr + P.O.)...
Having a back court of Eric Bledsoe or Kyle Lowery, Toure Murry, Iman Shumpert, & Tim Hardaway Jr. is not that bad actually has promise...
Having a front court of Jeremy Tyler, Amare Stoudemire doesn't scare no one but adding in Blatche, Hawes, Gortat and/or possibly a Drew Gooden could suffice until 2015 free agency when the team could then make a big splash in free agency...
But these few moves should this year alone could reinvigorate Carmelo Anthony to re-sign with the team(4 yr $89M + P.O.)... I know this forum is split on Melo as a Knick but he has busted his tail game in game out for the Knicks but without a complimentary team around him he can only do so much...
So 2014 Roster could look like:
Starting 5
Eric Bledsoe or Kyle Lowery (4yr)
Iman Shumpert (Restricted Final Yr)
Carmelo Anthony (5yr)
Adray Blatche (1yr)
Spencer Hawes or Marcin Gortat (1Yr)
Bench
Toure Murry (QO)
Tim Hardaway Jr.
Shannon Brown (1yr)
Earl Clark (1yr)
Jeremy Tyler (QO)
Drew Gooden (1yr)
Kenyon Martin (1yr)
Amare Stoudemire (Final Yr)
2 - Waived Prospects (1yr)
If done right heading into 2015 off season should have at least $22 M in cap space, to acquire Kevin Love or LaMarcus Aldridge or whomever...
2015 Roster could then look like:
Starting 5
Eric Bledsoe or Kyle Lowery (3yr Remaining)
Iman Shumpert (5 yr)
Carmelo Anthony (4yr)
Kevin Love (4yr)
Jeremy Tyler (4yr)
Bench
Toure Murry (4yr)
Tim Hardaway Jr.
Earl Clark (?)
Jordan Hamilton (?)
Shannon Brown (?)
Festus Ezeli (1yr)
2 - Draft Prospects
2 - QO (Waived Prospects '14)
Nothing is for certain but their are options available...