The New York Knicks are starting to admit to themselves that there is a real possibility they could lose Carmelo Anthony to free agency come July 1. The guard has already noted that he is favoring opting out of his contract and meeting with other teams, but is still keeping the Knicks option open. The more teams that lineup for Anthony, the less chance New York has at retaining him which means they need to find other options.

According to Moke Hamilton of Basketball Insiders, the Knicks are considering making a trade for Cleveland Cavaliers point guard Dion Waiters to help fill the Anthony void. The Knicks could use help at the point guard position and Waiters has proved capable over the past year. The issue with acquiring Waiters is not what he would likely command in return, but how much money is owed to him over the next few seasons. Waiters becomes a restricted free agent in 2016-17. He is owed over $5 million next season alone. The Knicks are cash strapped and the idea of taking on that contract is not ideal.

If the Knicks chase Waiters, they essentially blow their chances of acquiring someone like Rajon Rondo or Kevin Love or LaMarcus Aldridge. However, Anthony being gone means a major hole in the team and Waiters would be strong at the right price. The Knicks do have Tim Hardaway Jr waiting in the wings which could also play a factor in acquiring Waiters. If New York feels he is on the fast track to develop, Waiters might not be needed.

The Knicks might feel signing someone out right is better than giving up a lot to take on Waiters and his large contract. The team could try and make a run at Lance Stephenson or Avery Bradley if their contract prices are reasonable. If New York loses Anthony and trades away players like Tyson Chandler or Amar'e Stoudemire then they have a lot more cap space to work with than originally assume. 

Ideally the Knicks simply want to keep Anthony and not worry about things. However, when teams like the Miami Heat are planning a run at the guard, the Knicks look less and less appealing to the star.