9:07am: The trade is official, the Knicks announced in a press release.
8:32am: The Knicks have moved up four spots late in the first round of the 2020 NBA draft, according to ESPN’s Adrian Wojnarowski, who reports that the team is sending the 27th and 38th overall picks to the Jazz in exchange for No. 23.
New York will also receive the rights to 2008 second-rounder Ante Tomic in the deal, Wojnarowski adds. However, Tomic is not expected to join the NBA at any point.
The timing of the move is interesting, as this sort of deal is typically completed during the draft, when teams have a better sense of which players will be available – or unavailable – when they’re on the clock.
The Knicks may have felt they needed to leapfrog a team in the 24-26 range to target a specific player, or may have other plans in mind for the No. 23 pick. For now, they’ll enter tonight’s draft holding the eighth and 23rd overall selections.
As for the Jazz, they clearly have enough players they like in the 20s to feel comfortable pulling the trigger on this deal early. They’ll acquire a second-round pick whom they’ll likely be able to sign at or near the rookie minimum. Utah previously traded away its own second-rounder.
Unlike a standard player option, an early termination option must be exercised in order for the player to reach free agency immediately — as its name suggests, it ends the contract early. By waiving that ETO, Conley is essentially opting into the final year of his contract in ’20/21. He’ll earn a $34.5MM salary next season before becoming a free agent in 2021.