The Knicks have re-signed forward Lance Thomas to a 1-year deal with $1.6 Million. The 6’8 Thomas, 27, was acquired from the Cavaliers in the JR Smith/Iman Shumpert trade. Thomas averaged 8 points and 3 rebounds in 40 games for the Knicks last season, and won over Derek Fisher, who sees him as a good fit in the Triangle system.

The Knicks have around $1.5M left in cap space, as well as the $2.8M Room Exception.