Examining the Knicks' Salary Cap and Making Decisions for 2023 NBA Free Agency Following the Heat's Loss

The New York Knicks' season is ended after they were defeated 96-92 by the Miami Heat in Game 6 of the Eastern Conference semifinals on Friday.

The Knicks had a fantastic year, exceeding expectations and reaching the second round for the first time since 2013. 

Jalen Brunson was a steal in free agency, and he's since blossomed into a legitimate star. The Knicks also made a terrific midseason trade to add wing Josh Hart,

who was vital in propelling New York to greater heights in the second half of the season.

Now, the Knicks approach the offseason in search of ways to improve a squad that has yet to win a championship since 1973.

On paper, that may be difficult to do in the context of free agency. According to NBA.com, the salary cap for 2023-24 is likely to be $134 million, with the luxury-tax level set at $162 million.

According to HoopsHype, the Knicks have committed $139.1 million toward the 2023-24 salary cap. Hart has a $12.96 million player option,

and the Knicks have team options on Derrick Rose ($15.6 million) and Miles McBride ($1.83 million).