Walker will likely replace Elfrid Payton as the Knicks’ starting point guard. You can pencil Evan Fournier in as a replacement for Reggie Bullock at starting shooting guard. Rookies Quentin Grimes and Miles McBride will take up the roster spots vacated by Norvel Pelle and Frank Ntilikina.

At the moment, the club has room for a couple two-way players and another player on a standard NBA deal. But they have to agree to terms with McBride and Jericho Sims. Assuming they reach deals with both players, there will be room for another player on either a standard NBA deal or two-way contract.

The Knicks and Walker are expected to agree on a two-year deal worth roughly $8 million annually, a source confirmed.

This means Walker is expected to take up the rest of the Knicks’ cap space.

They will have to use exceptions to sign the 15^th player. The Knicks have the $4.9 million room exception and can use veteran’s minimum exceptions.

New York can go in a number of different directions with the final roster spot, but the club filled its biggest need on Wednesday by securing Walker.

(Audacy’s Ryan McDonough first reported the length of Walker’s contract).

HOW DID IT HAPPEN?

Walker and the Thunder were close to terms on a buyout early in the week, league sources say. At the time, the Knicks were in need of a point guard. Kyle Lowry (Miami), Chris Paul (Phoenix) and Mike Conley (Utah) all signed three-year deals. Spencer Dinwiddie is in line for a three-year deal with Washington (once the Wizards and Nets complete a sign-and-trade).

People in touch with the Knicks say they weren’t in love with the idea of committing long-term money to any free agents this summer. (The contracts they agreed to on the first night of free agency all aren’t fully guaranteed in the final season, as SNY reported on Tuesday. A source confirmed that the non-guaranteed seasons are team options for the Knicks, as McDonough said).

That approach was always going to make it difficult for New York to sign a top guard on the market.

They were in touch with Kendrick Nunn during the free agency period, but he ultimately chose a two-year, $10 million deal with the Lakers that included a player option.

Reggie Jackson and Dennis Schroder were under consideration, but neither was seen as a top option by the Knicks.

So they pivoted to Walker on Wednesday. Walker, from the Bronx and a legend at Rice HS and the Guachos AAU program, will share point guard duties with Derrick Rose. The smart money says Walker starts and Rose comes off the bench to keep the Knicks’ second unit in tact.

Both Rose and Walker should provide strong leadership/mentorship for young Knicks like Immanuel Quickley, Obi Toppin, Grimes and McBride.

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