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Knicks decline options on Bobby Portis, Taj Gibson, waive Elfrid Payton — now have 40M in cap space 

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The Knicks announced they have declined options on F Bobby Portis, F Taj Gibson, and G Theo Pinson.

They also are waiving G Elfrid Payton and F Kenny Wooten. After these moves, they have $40 million in cap space this offseason.

SNY’s Ian Begley reported that Portis’ option being decline was expected by teams around the NBA, but there is mutual interest in both Portis and Gibson returning beyond next season.

Portis averaged 10.1 points per game, while grabbing 5.1 boards and dishing out 1.5 assists a game in his lone season with the Knicks in which he played 66 games. He shot 45 percent from the field, including 35.8 percent from behind the arc.

In his 11th NBA season, Gibson started 56 of his 62 games played and dropped 6.1 points a game.

Payton averaged 10-4.7-7.2 in 45 games with the Knicks last season, shooting 43.9 percent.

Wooten spent last year with the Knicks’ G-League affiliate, the Westchester Knicks, and made the G League’s All-Defensive Team, while Pinson was claimed on waivers in June.

The Knicks also will not give a qualifying offer to G Damyean Dotson, who played in 48 games last year, while G/F Reggie Bullock will be kept at $4.2 million next season.

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