After trading down three times on the first night of the 2026 NBA draft, the Knicks are opening the second round by doing so again. According to Shams Charania of ESPN (Twitter link), New York has agreed to a trade that will send the 31st and 55th overall picks to the Rockets in exchange for No. 39, No. 53, and the Kings’ 2029 second-round selection.

New York originally owned the 24th pick in the first round and moved down to the 47th selection, receiving four second-rounders and cash in the process. The 31st pick, which the Knicks were known to be shopping, was originally the Wizards’ selection and was not involved in New York’s first-round transactions.

Owner James Dolan said the Knicks were looking to avoid the second tax apron next season, and players selected No. 31 (the first pick of the second round) typically make more than the rookie minimum. James L. Edwards III of The Athletic (Twitter link) expects the team to only draft players who will sign for the rookie minimum or accept a two-way deal, though he clarifies that’s just looking at the situation and not reporting.

More to come…