Ian Begley ESPN Staff Writer
The Knicks' deal with Joakim Noah has an average value of $18 million but likely starts below that. The specific structure of the contract is unclear at this point but it likely leaves New York with at least $12 million in available cap space. The club told people earlier Friday that they anticipate having approximately $11 million available for the shooting guard position, according to sources. The Knicks have a $2.7 million qualifying offer committed to Langston Galloway and a cap hold of a little over $2 million for Lance Thomas. They also have a cap hold for Derrick Williams, but it would be a surprise if Williams wasn't renounced. Courtney Lee and Eric Gordon remain top priorities for the club at the shooting guard position.