Francis heads to Knicks for Hardaway, Ariza

The addition of Francis gives the Knicks a potent starting backcourt, with Jamal Crawford coming off the bench. The deal, along with the addition of Jalen Rose via trade with Toronto in early February, continues team president Isiah Thomas’ rebuilding project. New York’s 15-37 record is the second-worst mark in the NBA.

"This is a trade that we all feel makes us a better basketball team for both now and in the future," Thomas said. "In Steve, we add an all-star caliber player to our team without giving up core assets that are key to our future."

Francis was averaging 16.2 points, 5.7 assists and 4.8 rebounds with the Magic this season. Those totals are all below his career averages of 19.4 points, 6.4 assists and six rebounds in six-plus seasons with the Houston Rockets and Magic.

The trade gives Orlando plenty of payroll flexibility in the coming seasons, as the Magic will be looking to build around 20-year-old power forward Dwight Howard.

"As an organization, you always look for ways to improve your team, both presently and in the future," said Magic assistant general manager Otis Smith. "The moves we have made today and last week (Darko Milicic and Carlos Arroyo from Detroit) continue to build a solid foundation around our core players, such as Dwight Howard and Jameer Nelson. In addition, this particular deal has allowed us to gain significant salary cap flexibility in the future."

Ariza gives Howard some frontline assistance, as the second-year player has averaged 5.5 points and 3.3 rebounds in 116 career games (22 starts). In increased minutes this season, Ariza has averaged 4.6 points and 3.8 rebounds.

On the other hand, Hardaway will most likely have a short reunion in Orlando. The guard hasn’t played since a December 9 loss to Phoenix and has averaged just 2.5 points in four games this season. Hardaway has averaged 15.4 points, 5.1 assists and 4.5 rebounds in 13 NBA seasons.

The Magic also waived forward Bo Outlaw on Wednesday.