Multiple NBA sources have confirmed to HOOPSWORLD that the Thunder are aggressively shopping Earl Waston and are willing to part with a first round pick in the process.
As I have written before, I am a strong believer in acquiring assets such as draft picks because you never know when they will either turn into a premier player or be a valuable trade chip. It is no secret that the Knicks need a backup point guard and a starting shooting guard. To acquire a 1st rounder in either this upcoming draft or in 2010, I would strongly consider using Malik's expiring deal in order to take on Watson. The Thunder have 5 first round picks over the next two years, in large part because of the Kurt Thomas trade in which the Sonics received Thomas and 2 first round picks from the Suns in exchange for a conditional 2nd round pick.
Perhaps the Knicks can deal Malik and Anthony Roberson for Watson and Damien Wilkins while receiving two first rounders (one this summer and one in 2010) and sending a 2010 second rounder. That would clear close to $10 million more off the Thunder's books for this summer's free agent class. Couple a potential #1 pick (Blake Griffin) with a big free agent acquisition or trade (perhaps a premier shooting guard such as Michael Redd if he is on the block), and the Thunder will explode, much like the Hornets did a couple of years ago.
For the Knicks, they can receive stop gap guards to play for the next year and a half and receive draft picks to replenish the young talent on the team. Rebuilding teams build through young talent. In this case, Watson and Wilkins have the ability to provide the depth and back court help to make a playoff push this year and next. Both of their contracts come off the books before the summer of 2010.