Knicks close to signing Raymond Felton

[Who]

Sounds a lot like the $40 million offer Felton turned down last year from the Bobcats.

Bad contract ... very poor cap management + long term decision from the Knicks.

New York still has a good future (Randolph, Amare, Gallo, Chandler + a lot of cap space this year and next) if they handle their business correctly. No need to make panicked signings like this.