Both the Bulls and Heat used trades to create additional cap room on Thursday night, but the Knicks aren't worried about the advances of their competition in the free agent market.

"The situation in Miami is a little different than us. To analyze it and say, 'Well, now they've got a lot more cap room,' yeah, they do. But if they're wanting to sign some of their own players, then that would lessen it," Knicks president Donnie Walsh said, pointing out that he believes Miami cleared the additional room in order to retain free agent Udonis Haslem.

"As far as Chicago, they've got more cap money than they had. There's no doubt about that."

The Bulls, Heat and Knicks now all have the cap room to sign two max-level free agents.

Walsh added that he expects the process to take time and that players aren't going to immediately make a decision on July 1.

"I'm going to make an assumption that nobody's playing around out there, the players or us. If they're going to meet with you and you're going to meet with them, then you're serious -- and that's how I'm going to treat it. I'm not going to say one guy's more important than the other, but you can probably only do one guy a day," Walsh said.