Veteran guard Rose to receive $14.5M from Knicks

Updated: October 31, 2006, 12:42 AM ET
ESPN.com news services

NEW YORK -- Jalen Rose was waived Monday by the New York Knicks, leaving their roster one below the regular-season maximum of 15.

Jalen Rose
Rose

The 12-year NBA veteran, who was scheduled to earn $16.9 million in the final season of his contract, will receive about $14.5 million under terms of the buyout, ESPN.com's Chris Sheridan has learned.

The 33-year-old Rose averaged 12.7 points in 26 games for the Knicks last season after being acquired in a February trade with the Toronto Raptors. But there didn't appear to be a place for him this season after New York signed swingman Jared Jeffries over the summer and drafted Renaldo Balkman with its first pick.

Rose was a nonfactor in the preseason, playing in only four games and going scoreless in 31 minutes.

With Jeffries hurt, Quentin Richardson will likely start at small forward, with Balkman backing him up. New York opens the regular season at Memphis on Wednesday.

Rose becomes the second New York player with an expensive, expiring contract to leave during the preseason. The Knicks previously waived forward Maurice Taylor, who has since joined the Sacramento Kings.

Information from The Associated Press was used in this report.