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Carmelo Anthony Pay Cut For Future New York Knicks Salary Cap Wiggle, Phil Jackson Has Room

Carmelo Anthony signed a deal with the New York Knicks on Sunday. Anthony will stay in New York for another five years to the tune of $124 million dollars, $5 million less than the maximum salary he was eligible to receive. He took the pay cut to give General Manager Phil Jackson some wiggle room in the salary cap. The thinking, obviously, is that taking Melo's contract at a discount will allow the Knicks to spend some money to attract a championship contending team around him in the near future.