Stephon Marbury (expirer)
Malik Rose (expirer)
New York gets
The Suns get rid of two big contracts and two big expirers in return. They clear out huge cap space for this summer and can get a top free agent. The Suns release Marbury or buy him out. The Suns get a young talent in Lee.
The Knicks get O'Neal, who can improve the team and make the Knicks a cache team again. Diaw's contract is longer, but O'Neal's contract expires after next season, so the Knicks still would have a lot of cap space to go after a top free agent in 2010.