What happened: Former Los Angeles Lakers forward Dalton Knecht has agreed to sign a two-way NBA contract with the New York Knicks, his agents at Excel Sports Management told ESPN's Shams Charania. The agreement follows the Lakers' decision to waive Knecht on Oct. 19 and his subsequent clearance through waivers on Wednesday.

Why it matters: The two-way arrangement gives New York additional wing depth without occupying a standard roster spot. Knecht can split his time between the NBA club and its G League affiliate while competing for developmental minutes.

What to watch: Knecht will complete the signing process as the Knicks prepare for their scheduled matchup against the Boston Celtics.