The New York Knicks are not planning to negotiate a contract extension for Iman Shumpert between now and the October 30 deadline, according to ESPN New York's Ian Begley.

EVERYBODY PANIC AND/OR GET NAKED!!!

Seriously, though, this is not exactly a shocking development. The Knicks are bogarting cap space for the 2015 free agency period, and they're in no hurry to add salary commitments lasting beyond the end of the upcoming season. Shumpert will become a restricted free agent at the end of the 2014-15 season, but the team can still bring him back if they so desire.

Per Begley:

To make Shumpert a restricted free agent, the Knicks will have to submit a one-year, $3.7 million qualifying offer to him by June 30. They will then have the opportunity to match any offers Shumpert garners on the open market.

The restricted free agent market can be a finicky mistress. We all remember the Jeremy Lin shenanigans, but some quality RFAs, like Greg Monroe and Eric Bledsoe this summer, never even receive a real bid from a competing teams.

Of course, the Knicks could also trade Shumpert like they've been threatening to do for the past three or four years. Personally, I would rather give him a chance to play at least a few months under a competent regime before trading him.

And if Shump should happen to raise his level of play this season, I promise to start a grassroots campaign to keep him in New York. It worked with Pablo Prigioni.