MEMPHIS, Tenn. — Knicks president Phil Jackson’s fire sale began Monday as the Zen Master devastated the roster in a move designed to clear more cap space for 2015 and plunge the franchise further into tank mode.
In a three-way deal with Oklahoma City and Cleveland, Jackson shipped shooting guards J.R. Smith and Iman Shumpert to LeBron James’ Cavaliers and also waived center Samuel Dalembert, whose contract would have become fully guaranteed on Saturday, in a separate transaction. The trade became official late Monday.
The Knicks received three players with non-guaranteed contracts, a 2019 second-round pick and two trade exceptions worth $6 million and $2.6 million, respectively.
They will waive at least two of the players with the possibility of keeping young Oklahoma City forward Lance Thomas, a Brooklyn native. The Knicks could use the trade exceptions for a player without regard to the salary cap and have up to a year to use them.
“As our journey moves through this season, we will search for the type of players that fit the style we hope to exhibit for our fans,” Jackson said in a statement. “Our desire is to improve our ability to compete. In addition, these transactions improve our flexibility with the current roster and the salary cap for future seasons.”
The deal was made to clear out more cap room for free agency this summer and Jackson accomplished it by ridding himself of the controversial Smith, who was due to make $6.4 million next season. Smith had an opt-out clause in his contract, but the Knicks couldn’t be sure he would use it. Jackson has shopped Smith since the beginning of the season.
They now could have an estimated $33 million of cap room with Smith in Cleveland.
“I spoke to each of them before the game and told them how much I appreciate the efforts made in the transition process,’’ coach Derek Fisher said. “Those guys made the effort to do so.’’
The Knicks will get the non-guaranteed pacts of Lou Amundson and Alex Kirk, both of whom will be waived. Thomas, the former Duke forward, could be kept. He has averaged 5.1 points and 3.4 rebounds in 22 games for Oklahoma City.
In ripping up the roster, the Knicks, at 5-32, are officially in Philadelphia tank mode as they lost their 12th straight game Monday in Memphis, tying a franchise record, after suiting up just nine players.
The Knicks will compete with the Sixers, who defeated the Cavaliers on Monday for their fifth win of the season, for the top lottery seed. If they finish with the league’s worst record, which they have now, the Knicks will have a 25 percent chance at the top pick, presumably Duke center Jahlil Okafor.
“This was an impactful night in terms of the three guys that aren’t with us anymore,’’ Fisher said. “I don’t think this in any way signals the end of our transition process. I think Phil is continuing to look at how we transition as we change the culture of the Knicks.’’
In a bizarre night, Smith and Dalembert were pulled from the lineup one hour before facing the Grizzlies. Shumpert was still out with a dislocated shoulder, though he was vigorously warming up before the game with Knicks trainers. As it turns out, he was warming up to join James. The Knicks’ losing streak has coincided with Shumpert’s injury and absence from the lineup.
Dalembert, 33, and Shumpert, 24, were on expiring contracts. Shumpert was averaging 9.3 points, 3.4 rebounds and 3.3 assists and was the Knicks’ best perimeter defender, representing much of the club’s heart. The Knicks didn’t have plans to re-sign Shumpert after letting the deadline for his contract extension pass on Oct. 31. Waiving Dalembert saved the Knicks about $2 million.
Now the Knicks will have roster spots to add D-League players or other players who might be waived by the Wednesday night deadline. Players with non-guaranteed contracts become guaranteed Saturday but need to be released Wednesday night in order to clear waivers.
The Post reported Jackson has interest in Westchester Knicks point guard Langston Galloway and could be intrigued by Wizards youngster Glen Rice Jr., who reportedly will be waived.
Dalembert’s contract would have become fully guaranteed on Saturday, so the Knicks saved some $2 million by waiving him. His meager offensive skills didn’t work in the triangle.
Smith’s fall from grace was severe after he was named the league’s Sixth Man of the Year in 2012-13, averaging a career-high 18.1 points, 5.3 rebounds and 2.7 assists. He recently returned from a plantar fascia tear and was averaging 10.9 points on 40.2 percent shooting. Now he becomes James’ teammate.