Knicks use Amnesty Clause to Chauncey Billups

To create enough cap space to sign Chandler, the Knicks waived veteran guard Chauncey Billups, designating him as a club's amnesty player. Billups and his $14.2 million contract will not count against the Knicks salary cap. "This is an important day for the New York Knicks," acting general manager Glen Grunwald said in a statement. "Signing a player of Tyson's caliber, with championship experience, to this roster, is an opportunity we could not pass up."