In an ESPN.com article titled "Is Knicks' dream scenario still possible?" Chad Ford Breaks down the Knicks options now that the 2010 salary cap is projected to be $13-$14 Million lower than expected:

Option 1: Clear More Cap Space

This option could be dubbed "Mission Impossible II."

Walsh has been working furiously this summer to move Curry and/or Jeffries for contracts that expire next summer. It's highly unlikely he can move Curry. Jeffries is a little more realistic. But if he could trade both of them, he could clear an extra $18 million in room and have around $40 million to play with next summer.

If he can make it happen, the Knicks would be back on track to be a major player for LeBron. Of course, this option comes with a few major caveats.

The first is that the Knicks would have only four players under contract going into next summer. They'd have to spend their $40 million on eight players ... not two or three. But theoretically, at least, they could give two max deals and sign the rest of the team with the $6 million to $8 million that remained.

The second caveat is that this would mean they likely would lose Lee and Robinson -- weakening the team even further.

Option 2: Lower Your Sights

If Walsh can't move Curry or Jeffries, the Knicks should be somewhere between $21 million and $23 million under the cap going into next summer if they waive both Lee and Robinson. However, they'd have just six players under contract.

That's still enough room to sign one elite player like LeBron. However, they'd have roughly just $5 million to $7 million to sign five other players. Would LeBron really come with such a weak supporting cast?

Of course, LeBron, Bosh and Dwyane Wade aren't the only free agents available. As I detailed in my sneak peek at the free-agent class of 2010, there are a lot of good players available. But would any of them come to the Knicks? Kobe Bryant and Joe Johnson are talking extensions with their clubs. Paul Pierce and Dirk Nowitzki are likely to stay put. Restricted free agents like Rajon Rondo and Rudy Gay are notoriously difficult to steal away because their home teams have the right to match any offer.

That leaves a few players like Amare Stoudemire and Carlos Boozer, who seem unhappy where they are. Both players are very good, but they can't single-handedly rebuild a team -- and given their injury history, I'm not sure you'd want them to.

Or the Knicks can try to use their cap space in trades. With the luxury-tax threshold also decreasing significantly next year, Walsh should encounter a number of desperate GMs trying to shed payroll to avoid the tax. The problem with that strategy is that it's really a crapshoot. It's hard to predict, ahead of time, what players will be available to build your team.

Option 3: Stick With What You Have

This is an unpopular option, but it may be the most realistic for the Knicks. With little chance of clearing big cap room next summer and few other good options left on the table if LeBron, Bosh and Wade say no, New York may have to be patient.

If the team can sign Lee and Robinson to reasonable contracts, money will be available to add a player or two via free agency while keeping the young core intact.

In the summer of 2011, the team will have another shot at free agency when Curry and Jeffries come off the books. A number of interesting players, including Tony Parker and Yao Ming, will be free agents. Maybe by then the Knicks' young players will start showing some promise and Walsh will have an easier sell to a veteran.

Lets hope Donnie has some magic left...