However, the latest rumored trade involving the Knicks and Houston Rockets has enough intrigue in it that it's worth noting a few things about what it all means for the Knicks' long term plan, even if one side blinks and a trade never comes to fruition. But let me get a few points about the eventful All-Star weekend in Dallas out of the way:

*  Gallo didn't do much in either the Rookie-Sophomore game or the 3 point shooting contest. He can be forgiven to some degree for the former, as players who dominated the ball (Jennings, Evans, Westbrook) mostly chose to gun it, and passing was an extreme afterthought. (DeJuan Blair was the most notable exception, as he was strong enough on the boards to carve out his own niche, and his ability to neutralize the sophomores' advantage in the middle made him the most valuable player in the game, in my opinion). As for the 3 point shooting contest, Gallo didn't have the pure stroke that Steph Curry demonstrated, nor the moxie that Paul Pierce showed in winning the competition...he just looked like another contestant. I'm sure it was a fun weekend for Danilo, but as Seth put it best over on Posting and Toasting, there were no giant rooster balls on display...on the evidence of the last weekend, Gallo's still in "hit the wall" mode.

*  Nate effectively won the dunk contest by default, as no one else bothered to show up. People are tired enough of Nate that he becomes a punching bag and used as an example of everything that's considered wrong with the dunk contest, but I'm going to credit him for still competing with a sore groin and *still* showing energy and commitment -- even if his actual elevation and creativity were diminished. (Shannon Brown and the "Let Shannon Dunk" campaign behind him, on the other hand, was one of the worst cases of unfulfilled hype this season -- the only way Brown's showing could have been more disappointing was if he asked Paul Shirley to dunk in his place). The bigger issue with the dunk contest is that the concept may have run its course -- which Eric Freeman explores most compellingly for the Sporting News.

*  David Lee, like Gallo, got some token burn in the All-Star game and had a very rough start (3 turnovers in about 3 minutes or so), but ended up with a passable 4 points and 2 rebounds in 12 minutes of play. He got his best opportunities in his first stint in the game, with Wade distributing the ball; when he entered the game for the second and final time playing alongside Derrick Rose and Chris Bosh, he basically never touched the ball, even when he was wide open at the foul line. As a Knick fan I was happy to see him in the game, though the NBA fan in me felt Josh Smith deserved the spot more. (For that matter, both should have played in place of Gerald Wallace, who didn't look engaged all weekend)

*  The best Knick performance all weekend may have been the brief presence of Nate Robinson in the broadcast booth for TNT during the Rookie-Sophomore game -- he sounded like cared more about the specifics of the game than the rest of the announcing team, analyzing tactical aspects of play on both sides, imploring certain players to pass or shoot or set a screen (Gallo was *wide* open behind the 3 point line on one possession and Nate hectored Westbrook to notice that fact), all the while sounding very articulate and intelligent (and no, there was not a single "WORD AAAPPPP!").  Knick fans are familiar with how well Nate handles himself in interviews with the press, but it was pleasing to hear him extend that poise with the media to broadcasting.  Looks like a really good future for him in that area after his playing career is over.

*  The proposed trade between the Knicks and Rockets breaks out, to my unscientific eye, as follows: 1) McGrady for Harrington or Hughes 2) Hill and draft picks (swap of 1st rounders in 2011, Knick first round pick in 2012)  in order to get the Rockets to take Jeffries 3) other bodies (Dorsey, Cook) to make the deal work but who otherwise aren't likely to have a big impact. McGrady is an interesting unknown quantity at this late stage of his career, but for all the rumors leaking in the press about the Knicks' potential long term interest in him, he's a long shot to succeed with his injury history and the difficulty of recovery from his latest surgery . The deal is really about creating enough additional cap space for two, rather than one, maximum contract superstars this summer.

I noted on Twitter that this felt a bit like taking a second job in a coal mine in order to earn more money to buy lottery tickets for a big jackpot. You increase the risk of getting hurt or dying with the second job, but you (very marginally) increase your odds of getting the big prize. Now that I've had the chance to think about the parameters of the proposed trade a little more, the deal does give the Knicks additional opportunities to succeed, but still provides a lot of risk. The Knicks would be giving up what could be a significant portion of the future for the chance to go broke this summer; they're banking on landing one or two of the most coveted superstars (Lebron, Wade, Bosh), or at a minimum, some combination of second tier free agents that would improve the team enough so that any future draft picks yielded would have lesser value.

A couple of thoughts on this, one (sort of) positive, one negative. Donnie Walsh may have made the reasonable assessment that cap space for only one free agent doesn't provide him adequate bargaining power versus teams like Miami or Chicago or Dallas or even the Nets, who have superstars and/or a better collection of young talent and draft picks to go along with the cap space. Getting space for two players increases the probability that, for example, Bosh and Wade may feel more comfortable leaving their situations for the opportunity to play together under a renowned coach in a major media market starved for the opportunity to become prominent again. It's interesting to consider that the Knicks may increase their chances of landing a single superstar just by opening up the possibility that one more could join that player; even if the team only gets one, the money could be used to make deals for a strong enough supporting cast to appeal to the player in question. So you could argue that increased cap space increases the *slight* probability of attracting one or two of the top three players.

On the other hand, the Knicks have to be mindful of opportunities lost not just by the giving up of draft picks, but being locked into bad contracts before the new CBA is negotiated. if the Knicks end up signing two second tier free agents (for example Joe Johnson or Rudy Gay, and Carlos Boozer) for close to max money, and these players do not age well and/or get hurt early, the Knicks could find their ability to recover hampered by the size of these contracts in a more austere environment in 2012, not to mention the lack of draft picks. Even if the braintrust manages to build a solid 45 to 47 win team that is competitive in the first and maybe second round of the playoffs, the ability to improve the team to the point where it contends for championships will likewise be hamstrung.  It won't quite be the 2000s all over again, but it won't be far off. 

In other words, the deal increases the small probability of a big upside (getting 1-2 elite superstars), but also magnifies the downside of a higher probability outcome (signing two useful but overvalued second/third tier free agents with a riskier injury history and career arc).

There have been entirely reasonable arguments made for the Knicks to hang on to Hill, Jeffries, the draft picks, etc and let the remaining onerous contracts expire in 2011 and then operate with even more massive cap space. The selection of free agents at that time isn't as notable however (to put it mildly), and one of the biggest assets the current Knick regime has to sell -- coach D'Antoni -- isn't going to want to suffer another rebuilding year. He's getting paid very well, but no good coach wants to suffer years of losing and babysitting bad contracts. Now that this season looks effectively shot (though there will continue to be noise about a final playoff "push" for another few weeks), the Knicks aren't being shy about ditching short term aspirations and simply going for it all come July.

So much can happen between now and the deadline -- based on so many other rumored deals and offers being spun -- and there's a reported skittishness on the part of both the Knicks and Rockets to consummate the deal. Each side seems to be waiting for the other to blink, and there are probably small haggling points that we're not privy to that could kill everything. Until then, it's a fascinating negotiation between a team that represents a certain model of savvy management and player evaluation using statistical methods (the Rockets) and a franchise trying its hardest to get past being a punchline, after a decade of horrific mismanagement and a fatal appetite for mediocrity and underachievement in its past acquisitions.