The New York Knicks created over $40 million in salary-cap space Thursday by parting ways with six veteran players.
The Knicks announced that they waived forward Taj Gibson and guards Elfrid Payton and Wayne Ellington and declined the $15.75 million team option on forward Bobby Portis' contract.
Gibson was set to make $9.45 million in 2020-21, while Payton and Ellington each was scheduled to make $8 million.
The three will each make $1 million in guaranteed money from their deals with the Knicks despite being waived.
New York also declined a $1.7 million option on forward Theo Pinson's deal and waived forward Kenny Wooten, who was on a two-way contract.
The Knicks signed Gibson, Payton, Ellington and Portis in June 2019 after failing to land the high-profile free agents that summer, including current Brooklyn Nets teammates Kevin Durant and Kyrie Irving.
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