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The New York Knicks are in the process of finalizing the long-rumored deal for Houston Rockets swingman Tracy McGrady, according to SI.com's Chris Mannix late Tuesday.FanHouse's Tom Ziller wondered what the Knicks would be willing to give up for McGrady, a past-his-prime former superstar whose $23 million contract expires after this season. Much of what TZ hypothesized was on the mark if the deal ends up going through.
According to sources cited by SI.com, New York would send forward Jared Jeffries, rookie Jordan Hill and disgruntled guard Larry Hughes to Houston. The teams also would swap first-round picks in 2011, while the Knicks would send their 2012 first-rounder to the Rockets.
Mannix reported that the trade could be consummated as early as Wednesday, one day before the NBA's trade deadline, with the only outstanding issues being details surrounding lottery protection for the picks involved in the deal.
Those are important details for both teams, especially the Knicks, who are banking on winning the free agent powerball this summer. If that does not come to fruition, however, New York would find it difficult to improve its roster if it compromises any future lottery picks in any trade.
Most importantly, though, the Knicks would shed Jeffries -- who was owed $6.8 million next season -- from their payroll, allowing them better financial position for the aforementioned free agent bonanza, which features ... well, you know who is available.
Hill, the eighth overall pick in last June's draft, was a questionable selection who has earned little playing time. With little promise at point guard, the Knicks passed on floor generals Ty Lawson and Brandon Jennings. It is unclear if Hill will reach the promise of either dynamic rookie.
Hughes has been unhappy with his inconsistent playing time and is of little loss to New York, which was rumored to be shopping high-scoring Al Harrington as well. Harrington, according to several sources, was rumored in deals with the Rockets as well as the Chicago Bulls.
But remember, there is still time before the deadline, and the Knicks -- in desperate need to revamp their roster -- may not be done.
McGrady, for his part, is recovered from knee surgery which ended his season prematurely in 2009. The high-scoring forward would send a jolt of excitement into Madison Square Garden but may do little else of consequence.
Without McGrady and Yao Ming, the scrappy Rockets are 27-25, while the Knicks are 18-33 after Tuesday's play.
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