Knicks free up cap space after jumping into 3-way deal

The Knicks added some money and back-of-the-roster intrigue, along with swapping a few draft rights, in a three-way deal on Monday.

On a busy day of roster transactions, the Knicks traded for — and then quickly waived — swingman Denzel Valentine, who went from the Cavaliers to the Lakers to the Knicks in the deal that sent Rajon Rondo from Los Angeles to Cleveland. For the few hours Valentine was on the Knicks’ roster, they cleared space by waiving guard Wayne Selden, who had appeared in three games this season.

By jumping into the trade and momentarily acquiring Valentine, the Knicks picked up cash consideration, which reportedly amounted to about $1.1 million — a bit more than Valentine was owed, so a fiscally sound decision — and exchanged some future draft rights that likely will not pan out to much.

In the trade, the Knicks sent the rights to Louis Labeyrie — a 2014 secondround pick from France — to the Lakers in exchange for the rights to Wang Zhelin and Brad Newley. All of the international players are unlikely to make the jump to the NBA.

So the Knicks saved some money and, in waiving both Valentine and Selden, cleared a roster spot. It is possible that slot goes to Ryan Arcidiacono, although the former Villanova point guard’s path to the Knicks has become complicated.

The Knicks announced Monday they signed the 27year-old to a 10-day, hardship contract, but the NBA later voided the pact, a source confirmed, because the Knicks no longer had a hardship deal to offer. The Knicks’ COVID-19 list has been pared to two, so the league canceled the transaction.

After big men Mitchell Robinson and Jericho Sims were cleared from the health and safety guidelines, only Julius Randle and Nerlens Noel remain in the protocols.

The Knicks still can sign Arcidiacono to a regular, 10day deal. If they do, amid so much uncertainty at point guard — Derrick Rose is out likely until late February following surgery on his right ankle, and Kemba Walker is out indefinitely with a sore left knee after aggravating the surgically repaired knee Friday — Arcidiacono has a chance to stick.

➤ Walker will miss a third straight game since hurting his knee in warmups on Friday.