Unless the Knicks are sign and trading, then I don't think this really works. Even if they take pay cuts, they would have to take major pay cuts to fit them all under the cap.
If this were to happen though, I go back to my suggestion in another thread that the C's should try to become Suns East. If that trio plays together, its all over, so why not take advantage of Rondo, and fill the Garden with fans wanting to watch some fun, up tempo basketball.