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The New York Knicks have picked up the $14.2 million option on point guard Chauncey Billups, ensuring that he will be with the team for the 2011-12 season, a league source told ESPN.com's Chris Sheridan on Wednesday.
The Knicks will have no flexibility to improve. They've got 55,297,705 wrapped up in just four players. The Knicks were put in a tough spot with the deal though, you pick up Billups option and you don't have much cap left, and if you don't your team isn't nearly as good.