Knicks Acquire Quincy Acy, Travis Outlaw

4:29pm: The Knicks and Kings have officially announced the trade. Prigioni isn’t involved, so Acy, Outlaw, Ellington and Tyler are the only players changing teams. Sacramento’s statement confirms that New York removed all protection on the 2016 second-round pick going to the Kings.

4:12pm: The Kings have yet to make a final decision about waiving Ellington, according to the latest version of Amick’s story.

3:52pm: New York will guarantee Acy’s minimum salary as part of the deal, Amick tweets.

3:40pm: The Knicks will remove the protection on their own 2016 second-rounder that they already owed to Sacramento rather than send a separate second-round pick to the Kings, as Amick clarifies via Twitter. New York was to have kept the pick if it fell between Nos. 31 and 37, but it’s now entirely unprotected.

3:34pm: Frank Isola of the New York Daily News hears indications that the Knicks will part with Prigioni, too (Twitter link).

3:16pm: The Knicks and Kings have reached agreement on a deal that will send Quincy Acy and Travis Outlaw to New York for Wayne Ellington and Jeremy Tyler, reports Sam Amick of USA Today. Other players will likely be involved in the deal, too. The Kings are expected to waive Ellington and Tyler to clear space beneath the luxury tax line, according to Amick. They can clear Tyler’s minimum salary with ease since it’s non-guaranteed, but they’d use the stretch provision to help clear Ellington’s pay of more than $2.771MM from their books, as Amick points out. Sacramento will also pick up a 2016 second-round pick from New York, Amick writes.

The Knicks had reportedly been trying to trade Wayne Ellington and were open to deals involving Iman Shumpert, J.R. Smith and Shane Larkin as they sought to clear a logjam in the backcourt, and specifically at shooting guard. The team had also been mulling whether to include Pablo Prigioni in a deal involving Ellington.

Sacramento has been only about $61K beneath the luxury tax threshold after striking a deal to sign Omri Casspi, and they negotiated with Acy to move the date his minimum-salary contract becomes fully guaranteed from July 25th to August 15th. The raw swap of salaries in the structure of the deal as it stands would give the Kings a net savings of only about $200K, but stretching Ellington’s salary will give Sacramento more breathing room.

Ellington is on an expiring contract, so the Kings would have to waive him prior to September, when the stretch provision would no longer allow the team to reduce his salary for the coming season. Providing they waive him this month, Ellington’s salary would be spread in equal amounts over the next three seasons. So, the Kings would be responsible for close to $924K for him each season through 2016/17, and the move would give them more than $1.8MM in additional space beneath the tax line for this year.

Acy carved out a role in the rotation for the Kings this past season after coming over in the midseason Rudy Gay swap. He averaged 2.7 points and 3.6 rebounds in 14.0 minutes per contest for Sacramento. That works out to a rate of 9.2 rebounds per 36 minutes, demonstrating proficient board work for a player listed at 6’7″. Outlaw saw slightly more playing time, notching 5.4 PPG in 16.9 MPG, sometimes filling in at shooting guard for a depleted Kings backcourt down the stretch of the season. He’ll be on New York’s books for a guaranteed $3MM this season in the final year of a five-year, $35MM deal that the Nets amnestied in 2011. Sacramento put in a partial claim that year, leaving Brooklyn to pay $4MM to Outlaw each year until the contract expires next summer.

Photo courtesy USA Today Sports Images.