G Tim Hardaway Jr. will be returning to the Knicks, as the Hawks are not matching New York's 4 year, $71 million offer sheet that was signed on Thursday evening.
Hardaway, 25-years-old, had a breakout season in 2016-17, as he averaged 14.5 points, 2.8 rebounds and 2.3 assists per game. He averaged nearly 18 points per game down the stretch of the season, while showing improved energy on the defensive end of the floor.
The shooting guard was drafted by the Knicks in the first round of the 2013 NBA Draft, but was traded to Atlanta two years ago in exchange for the rights to point guard Jerian Grant.
Hardaway Jr. will likely start at shooting guard if the Knicks can move Courtney Lee, who is under contract for the next three years. According to Ian Begley of ESPN.com, the team believes that Hardaway Jr. and Lee can be effective together. The club is also confident that they will be able to trade Carmelo Anthony to free up cap space to land a point guard in free agency.
To free up room for Hardaway Jr., the Knicks renounced the rights to Derrick Rose, Sasha Vujacic and Ron Baker (who will re-sign with the team).