http://hoopshype.com/salaries/new_york.htm
its more like 40 and that isn't 100 accurate either because it doesn't include cap holds. If the knicks waive and then stretch JR that is another 4 mil available. If they let Shump walk they could probably scrap together another 3 million. Also add another mil if they waive Pablo. However based on the fact the knicks will likely have a top 7 pick the rookie is going to have a 3 - 5 million dollar cap hold. meaning at most the knicks can scrap together around 25 million.
There was some indication that the league would be willing to increase the cap this year partway to the new $87 mil max to maybe 74 million. However, that news is still just a rumor.
However the knicks are in strange cap territory. The expected Salary caps is going to rise for the rest of Melo's contract and go as follows
- 2016: $66,300,000
- 2017: $87,196,327
- 2018: $94,013,221
- 2019: $99,793,454
This goes as high as 140 million in salary cap (double) by 2025. So based on that the knicks shouldn't be as desperate for salary cap. In fact I think an argument can be made that if the knicks whiff out on Marc and a lesser degree LMA then the knicks will look to get Goran Dragic at 17 mil Max or Monroe who is around 16 million (depending on who they draft).
If those two are the realistic targets. Then the knicks don't need to do anything but let the contracts on the books expire. They could likely keep JR (and let him expire to add money in 2016) keep shump for cheap, get goran or monroe and still have and addition 6 - 10 million in 2015 to add another piece in 2015. Then once JR'S contract expires in 2016 they would have around 25 mil in space again in 2016.
Or in the same scenario of the knicks not getting M.Gasol or LMA they could get rid of JR, pablo, and Shump then sign a goran or monroe and potentially have 8 - 10 million to go after another free agent. So yeah the cap situation is complicated, and a strong argument can be made that scrapping all assets to get more might be shortsighted since there is a strong possibility $20 - $22 is more than needed and jettisoning ever piece for space for $3 mil more is pointless