Knicks Buy Out, Release Metta World Peace, Beno Udrih

Given the current state of the Eastern Conference (bad) and how they performed last season (good), the New York Knicks were set to compete for their division this season, if not a spot in the conference finals. Although the latter is a stretch, as the Miami Heat and Indiana Pacers seem destined for a rematch.

That being said, even by the lowest of standards, the Knicks have underachieved. Currently they’re third in their division; 10 wins behind the Toronto Raptors and five behind the Brooklyn Nets. In fact, only four teams in the Eastern Conference have less wins than them—and only the lowly Milwaukee Bucks are way behind.

Considering the Knicks are trailing only the Nets in spending for the 2013-14 season, the output they’re receiving from nearly $90 million in payroll is completely unacceptable. Which is why it came as no surprise on Monday when the team announced the release of power forward Metta World Peace and guard Beno Udrih, both of whom were acquired this past offseason.

The Knicks stocked up on veterans for what they hoped would be a deep playoff run, but it’s safe to say things in New York haven’t worked according to plan. The buyouts cost just the same as if the organization had kept them, indicating a painful rebuilding era ahead for Spike Lee and the rest of the Knicks faithful.

Team president Steve Mills issued a statement about the decision which read in part, “We are disappointed that it did not work out for Beno and Metta here in New York. We thank them for their contributions this season and wish them all well.”

Explaining away the loss of MWP and another aging veteran that requested a trade a month ago is not a particularly trying task. Mills is going to have a much bigger statement to contend with following the season, when soon-to-be free agent superstar Carmelo Anthony makes his decision.

Based on his statements prior to the season, it didn’t seem likely that Anthony would return to the Knicks under even the best circumstances. It’s hard to imagine that likelihood has improved in the slightest.