Rapid Reaction: Jason Kidd retires

WHAT IT MEANS: Despite Jason Kidd's well-documented struggles in the playoffs, his retirement leaves a void on the floor and in the Knicks' locker room.

New York will try to replace Kidd's spot on the roster via the draft or through free agency. Kidd's $3.1 million salary comes off the books this season and next, but that won't have a great impact on the Knicks' offseason plans this summer.

Below, we break down what Kidd's retirement, which he announced Monday, means for the team.

Listen to the Jason Kidd interview:

PlayFINDING A REPLACEMENT: One of the Knicks' offseason goals was to add a reserve guard. That goal becomes even more important now that Kidd has retired.

The Knicks have the 24th pick in the draft and will look for a backup point guard or a big man at this spot. Possible guard options include Shane Larkin (Miami), Dennis Schroeder (Germany), Nate Wolters (South Dakota State) and Pierre Jackson (Baylor).

The Knicks can also use the mini-midlevel exception (a three-year deal worth $3 million annually) or a minimum contract to sign a free agent. Possible free-agent options include Will Bynum, A.J. Price, Sebastian Telfair and Nate Robinson.

New York will also look to re-sign Pablo Prigioni, of course.

HOW DOES IT IMPACT THE SALARY CAP? It doesn't have much of an impact this summer. The Knicks are over the salary cap and will remain so, even with Kidd's $3.1 million salary off the books.

Assuming the Knicks re-sign J.R. Smith, they will likely still be taxpayers and over the tax apron. The apron is significant because a team can execute a sign-and-trade if its total salary is below the apron after the trade. (The numbers for next year's luxury tax level and salary cap have not been released yet.)

So with Kidd's contract for next season off the books, it makes it a little easier for the Knicks to get under the tax apron in executing a sign-and-trade.

It also means Carmelo Anthony, Amar'e Stoudemire, Tyson Chandler, Raymond Felton, Steve Novak and Iman Shumpert are the only players under contract for 2014-15.

Marcus Camby's contract for that season is partially guaranteed. Anthony and Stoudemire have early termination options for 2014-15.

WHAT WILL THE KNICKS LOSE ON THE FLOOR? The freshest image of the 40-year-old Kidd isn't a pretty one. The future Hall of Famer averaged 0.9 points per game on 12 percent shooting in the postseason and was scoreless in the Knicks' final 10 playoff games. During that span, he missed his final 18 shots and did not score in 209 minutes on the floor. Mike Woodson removed him from the rotation in the final two playoff games.

But that shouldn't be the only thing remembered about Kidd's final season.

The 19-year veteran played a significant role in the Knicks' strong early-season play. In New York's 20-7 start, Kidd had a 4.1 assist-to-turnover ratio (third-best in the NBA) and had the third-highest true shooting percentage (a percentage that accounts for free throws and 3-pointers) among NBA guards.

WHAT WILL THEY LOSE IN THE LOCKER ROOM? Kidd, who finishes his career ranked second in assists and steals and third in 3-pointers and triple-doubles, made arguably his biggest impact on the Knicks as a team leader.

That's difficult to quantify, of course. But players and coaches credited Kidd for helping Anthony improve as a passer, particularly out of double-teams. And Felton and Prigioni raved about Kidd's wisdom when it came to running an offense.

No matter who the Knicks bring in to replace Kidd, you can be sure that the player won't possess the knowledge and savvy Kidd accrued over a stellar career. So with Kidd retiring, the Knicks lost a valuable asset.

You can follow Ian Begley on Twitter.