Upon completion of his fine work in Indiana, Thomas was immediately hired as President of the New York Knicks. In a little less than 3 seasons as President, Thomas managed to give the Knicks the highest payroll in the NBA combined with the 2nd worst record. To make matters worse, he tied up the Knicks salary cap in untradable players until 2012. He also traded away draft picks (in the top 5 given the Knicks' records) for players such as Eddy Curry.

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