What's next for Metta World Peace?

LAS VEGAS -- The Knicks have their attention on the start of summer league on Friday at UNLV's Thomas & Mack Center. But they'll also be monitoring Metta World Peace's initiation on the waiver wire at 5 p.m. ET, a league source said.

From then until 5 p.m. ET on Sunday -- the standard 48-hour, NBA-mandated window for players on waivers -- a team under the salary cap can make a bid on World Peace. If a team with financial flexibility doesn't claim World Peace, he will become an unrestricted free agent and could sign with the Knicks for $1.7 million or the veteran's minimum. That's all the funds they have left.

Considering World Peace will make $7.7 million from the Lakers after being amnestied on Thursday -- that's his salary for next season -- money won't be an issue for him, according to his longtime friend Jose Morales, who also works on World Peace's father's foundation.

World Peace, 33, has played 14 seasons in the NBA. His father, Ron Artest Sr. told ESPNNewYork.com that World Peace would love to finish his NBA career in New York.

"Let's hope he'll be able to come home," he said.

Now what if a team under the cap makes a bid for World Peace and he doesn't want to play there? He would go back on the waiver wire.

For World Peace to be fully cleared from the waiver wire, he would have to come to a buyout agreement with the team that bids on him, according to the National Basketball Player's Association. Then he would become an unrestricted free agent.

Keep in mind that World Peace's agent could notify teams under the cap that his client might not want to play for them, which could open an door to the Knicks.

Morales said World Peace might retire if he's picked up by a small-market team, but that still wouldn't make the small forward immediately available to the Knicks. The NBPA said that because of the waiver bidding, and the money he'll still be receiving from the Lakers, World Peace is technically still under contract. Therefore, if he stepped away from the game, he couldn't play again for one full year. That's outlined in the CBA.

So overall, the best shot the Knicks have if World Peace completely clears waivers. The rest is just messy.

You can follow Jared Zwerling on Twitter.