The Knicks wanted to re-sign center Kevin Seraphin, according to a source, but were outbid.
The two-year contract Seraphin received Thursday from the rival Pacers starts at $2 million annually, according to a source, with only the first year fully guaranteed. The Knicks only were able to give Seraphin $1.2 million, the minimum for a player with six years of service.
Seraphin still took a pay cut in joining the Pacers after making the $2.8 million cap exception last season, when he looked out of shape early on and dipped in and out of the rotation. The 26-year-old averaged 3.