Knicks waive Billups, add Bibby

GREENBURGH, N.Y. -- Veteran point guard Chauncey Billups has been waived by the New York Knicks under the NBA's new amnesty clause.

The Knicks used the amnesty clause on Billups to create cap space needed to acquire Tyson Chandler.

Billups was under contract for $14.2 million. Under the terms of the amnesty rule, teams below the salary cap will now be permitted to bid for Billups' services. If no team claims him, Billups becomes an unrestricted free agent.

The Knicks replaced Billups at point guard with free agent Mike Bibby. They signed Bibby to a one-year deal for the veteran's minimum, ESPN The Magazine's Chris Broussard confirmed.

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