Knicks decline $15.7M option on Portis, waive Gibson, Payton

The New York Knicks made a flurry of moves Thursday to create more salary-cap space ahead of free agency.

New York announced that it declined its $15.7-million team option on Bobby Portis and $1.7-million team option on Theo Pinson. The club also waived Taj Gibson, Elfrid Payton, Wayne Ellington, and Kenny Wooten.

The Knicks chose not to tender a qualifying offer to Damyean Dotson, Steve Popper of Newsday Sports reports.

New York now has $40 million in cap space available, according to ESPN's Bobby Marks. Only the Atlanta Hawks have more financial flexibility this offseason.

This year's free-agent class is relatively weak, though Knicks head coach Tom Thibodeau has reportedly pushed the front office to make win-now moves.