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The Knicks will likely re-sign Jeremy Tyler and release Chris Smith on Monday (Berman).

4:21 p.m.: New York has decided to cut Smith to make room for Tyler (Begley).

"[Smith's] salary of $490,814 is already guaranteed, according to league sources, so the Knicks would not be saving any money on the transaction," Begley said.

Tyler has averaged 19.8 points and 11.4 rebounds over his last five games in the D-League.

J.R. Smith, Chris' brother, recently posted this on Instagram, with the caption "#OnceAgain":

Tags: Knicks , Andrew Vazzano
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