According to reports, and one that had Mike Woodson basically come out and say it, the Knicks only signed Chris because they wanted to appease last year's Sixth Man of the Year, J.R. One source even said that Chris would have a tough time making a D-League team let alone an NBA roster.
This act of "generosity" is costing New York around $2 million. There's Chris Smith's $491,000 salary - which thanks to clever negotiating is somehow guaranteed already - and then they will have to pay $1.6 million in luxury tax because the team is paying 3.25 the amount of the salary as penalty for going over the cap.
Pity signing Chris Smith has become very problematic as the team's roster is capped out at 15, and their starting center Tyson Chandler is out with a leg fracture, but they don't have the room to sign another big man.
That’s the amount Smith, J.R. Smith’s brother, is costing the Knicks as their 15th man due to the punitive luxury-tax system under the new collective bargaining agreement.
The Knicks have earmarked Smith for the D-League once that season starts Nov. 22.