GREENBURGH, N.Y. -- The oldest team in the NBA just got a little older.

Veteran forward Rasheed Wallace officially has come out of retirement and signed with the New York Knicks, the team announced Wednesday.

According to a league source, Wallace signed a non-guaranteed contract for the veteran's minimum of $1.7 million.

Now, an important question remains -- just how much can Wallace give the Knicks? Coach Mike Woodson set the bar low for the 38-year-old veteran.

"It's not like we're looking at a player who's going to play a lot of minutes," Woodson said. "He's an insurance policy and (a) what-if.

"If he gets in and plays 5-10 minutes, we've got to hope it's the best 5-10 minutes to help us win basketball games. We've got enough guys on this team that we don't have to play guys a lot of minutes."