The New York Knicks waived point guard Elfrid Payton this past Thursday, paying him $1 million of his previous contract instead of $8 million on a one-year deal for 2021. They executed this move to reduce his salary implications for the next season, signing him to a new $5 million deal. By doing this, the Knicks actually saved $2 million, money they can allocate elsewhere to bolster the squad.
According to Adrian Wojnarowski, Payton will return to the Knicks on one year deal and act as their primary point guard once again. After losing out on several big-name options, including Toronto’s Fred VanVleet, the Knicks found it more appropriate to stick with a familiar face and continue building through their youth.