The New York Knicks have officially waived veteran center Joakim Noah, putting to bed one of the most ill-fated free-agent signings in recent NBA history.
After a standout tenure with the Chicago Bulls from 2007-16, Noah signed a gargantuan four-year, $72.6-million contract with the Knicks in 2016. The pact quickly proved disastrous, however, as Noah has played a total of 53 games with New York - including just seven appearances last season - averaging 4.6 points and 7.9 rebounds in just under 20 minutes per game overall.
The former Defensive Player of the Year was still owed $38 million over the next two seasons. With no teams lining up to sign him upon his imminent free agency, Noah proved unwilling to leave any money on the table to facilitate the buyout, forcing the Knicks to eat the rest of his contract, sources told ESPN's Adrian Wojnarowski and Ian Begley.
For salary cap purposes, the timing of the move means that Noah's $18.5-million salary for 2018-19 will stay on the Knicks' books in its entirety this season. The $19.3 million he is owed for the 2019-20 season will be stretched out in three equal cap hits of $6.4 million from 2019-22, per Wojnarowski.