Knicks And Raptors Agree To Trade For Andrea Bargnani

According to Howard Beck, the two sides have agreed on a trade that will send Andrea Bargnani to the Knicks. In return for Steve Novak, Marcus Camby, a 2016 first-round pick and two future second-round picks, the Knicks will receive the first overall pick from 2006, who is owed $22 million over the next two years. In many ways, this is the perfect trade.

Some think the Knicks got smoked on the deal. Others think the Raptors gave up Bargnani for nothing. You can argue either side pretty convincingly because both teams just swapped their own garbage for another's.

The teams are awaiting league approval.

Update 10:23 p.m.: The trade apparently won't be approved by the NBA tonight, but it still sounds like a deal in some form will get done.

UPDATE: Knicks trade for Bargnani will NOT be approved by NBA tonight. As a result, teams will have to restructure under 2013-14 cap figures

— Howard Beck (@HowardBeckNYT) July 1, 2013

Knicks and Raptors both still motivated to do the deal, but it will have to be tweaked once the 2013-14 salaries kick in on July 1.

— Howard Beck (@HowardBeckNYT) July 1, 2013

Photo credit: Getty

Knicks Are Said to Be Near Deal for Raptors’ Bargnani [NY Times]

Sources: Knicks trade for Andrea Bargnani; Raptors get Steve Novak, Marcus Camby and picks [Yahoo]