Noah signed a four-year, $72 million deal in 2016 and he leaves with $38 million of that remaining. By waiving Noah via the stretch provision, the Knicks are spreading out his remaining salary over more years with less of an annual cap hit. As a result, they are adding almost $13 million in cap space for the summer of 2019. The bad consequence is that they’ll be paying Noah $6.4 million annually until 2022.