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
Information from The Associated Press was used in this report.