What happened: The Knicks now control picks 31, 47 and 55 in Wednesday's Round 2 of the NBA Draft, with No. 47 arriving via Phoenix, and stand to collect four additional future second-round picks once tonight's moves become official. The maneuvering is part of a wider set of draft-night transactions still awaiting league finalization. Dallas and Phoenix have said they cannot yet discuss No. 25 pick Sergio De Larrea and No. 30 pick Koa Peat until those deals are completed.

Why it matters: Hoarding a cluster of second-rounders and future picks gives New York unusual flexibility heading into the 2026-27 season, whether to draft-and-stash, package selections to move up, or use them as trade ballast down the line. It also continues a busy stretch of pick-driven dealing for the front office. The frozen status of De Larrea and Peat signals how interconnected the night's moves have become.

What to watch: Watch for the trades to be made official, which would free Dallas and Phoenix to formally discuss De Larrea and Peat and confirm exactly which future second-rounders New York adds.