The Knicks did not make any moves prior to Thursday's NBA trade deadline, which passed at 3 p.m. ET.
They had been engaged with the Timberwolves regarding a trade that would've sent PG Ricky Rubio to New York for Derrick Rose.
In addition to Rubio, the Knicks had reportedly been asking the Timberwolves for F Nemanja Bjelica, reported Marc Berman of the NY Post.
As the deadline approached on Thursday, some in the Knicks organization were ready to trade for Rubio without a second asset being sent back, but the Wolves refused, reports Marc Stein of ESPN.
The Timberwolves, who were also engaged with other teams regarding a potential Rubio trade, were reportedly unwilling to trade Rubio unless they received a first round draft pick in return, according to Jordan Schultz of Bleacher Report.
Earlier this season, the Knicks had been focused on trading Carmelo Anthony, with the Clippers, Celtics, and Cavaliers seen as the likely destinations.
Despite the buildup and all the speculation, the Knicks made the right decision to not deal Rose for Rubio. The worst case scenario to acquiring Rose last summer was that if he had no future in New York, the Knicks would receive financial/cap relief when his contract came off the books this summer. This will afford them the time and opportunity to explore and make potential improvements during free agency.
In the Knicks' case, getting "better" could also mean cementing a solid future foundation. They could opt to go younger with some underrated acquisitions. Out with the old, in with the new.
Acquiring Rubio prematurely would have meant making a commitment to a player before really having the chance to explore the more vast options to come in the summer. But it would have been nice to see them trade Rose and get something of value, as opposed to simply letting him walk for nothing. After all, that will ultimately mean New York dealt Robin Lopez and Jerian Grant without a purpose. That in itself is unfortunate. Nevertheless, if getting back Rubio was the only option, it's better the team held off. The fact that Rose comes off the books will be valuable when the time comes. That's something.
Because there were no moves made whatsoever, it would appear New York is in even more of a state of limbo and disarray. The team would be much better suited embracing a youth movement. That means conservatively planning to have a good draft pick this year. How will the Knicks do that with Carmelo Anthony and so many other veterans still in town? What will that say about the organization's culture moving forward?
Attempting to compete toward a hopeless playoff spot will probably do more bad than good in the long run. The Knicks need to be very clear (at least with their players) about what comes next now that the dust has cleared and everyone is staying put the rest of the way.