Cutting salary would be only thing they can really do and its all they should do.
There are about 2 NBA teams that are facing contraction and 3 others that are rumored to be for sale.
Take care of the finnances.
Put yourselves in this position: If you were planning on taking a big vacation next year, but didn't have the money for it now, you would do everything you can to cut your personal expenses. If you cut major expenses, once you get your tax return, you would be in a better position to plan something. (money coming off the books for the knicks is like when regular workers like us get our tax return)
So if your planning a major trip next year, would you throw money away on crappy weekend trips? If you were careless like Thomas, you would. If you were smart, you wouldn't waste your money.