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As the Knicks prepare for the most crucial offseason in recent memory, the franchise appears to be getting their affairs in order.
New York has decided to pick up the $3.5 million option on Allonzo Trier's contract, according to Shams Charania of The Athletic and Stadium.
In addition, the Knicks are planning on waiving veteran Lance Thomas prior to June 30, when $1 million of his $7.6 million 2019-20 salary would become guaranteed, according to SNY's Ian Begley.
After going undrafted in the 2018 NBA Draft, Trier was a pleasant surprise during his rookie campaign.
In 64 games with the Knicks, the 6-foot-5 guard averaged 10.9 points on 44.8% shooting while finishing with a 39.4% shooting percentage from the three-point line.
Trier added 3.1 rebounds and 1.9 assists in 22.8 minutes per game.
USA TODAY Sports Thomas appeared in just 46 games with the Knicks this past season.
In 17.0 minutes per game, the eight-year veteran averaged 4.5 points and 2.5 rebounds per game while shooting just 39.6% from the field.
While the team does plan on waiving him, the Knicks have interest in bringing Thomas back as a free agent.
The Knicks will enter the offseason with the most cap space in the league, but only slightly more than the crosstown rival Brooklyn Nets. The two New York clubs expect to compete for several of the top free agents.