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The New York Knicks and Los Angeles Lakers are still giants when it comes to their fanbases and financial worth. But neither team made the playoffs this year, and both now focus on their hopes and dreams for the offseason.

Knicks columnist Sara Peters and I have been debating the finer points of our respective basketball beats over the past several months. We covered a multitude of topics, including New York’s early promise, the youth movement for both teams and who our next head coaches should be.

For the Lakers, one answer came quickly with the hiring of Golden State Warriors assistant Luke Walton. But Phil Jackson is still grappling with the notion of sideline leadership on his own turf.

There are plenty of other salient points to consider for the months ahead, including free agency and overall team philosophies. Thus, Sara and I come out of our corners swinging one more time as we try to gain an edge in the race back to respectability.

Isn’t Jackson's coaching "indecision" really about his beloved triangle offense and a refusal to change?

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Peters: Here’s the generous answer first: The hiring holdup has more to do with coaching philosophy than offensive strategy—but for Jackson, the two are inextricably linked.

When coaching, he helped players reach their full potential by showing them the magic of being part of something bigger than themselves. A team-first offense is essential to that philosophy, and the triangle fits the bill.

So it isn’t the triangle itself that’s of utmost importance, but what it represents. Besides, it’s too early to proclaim the triangle dead. The Lakers won a championship with it only six years ago, and its core tenets of ball movement and player movement haven’t gone out of style.

Here’s the less generous answer: The hiring holdup has nothing to do with the triangle and everything to do with Jackson’s ego. He wants to hire someone exactly like himself and won’t trust a coach who does things differently than he would.

Nobody in New York would argue if Phil Jackson literally cloned himself, then hired his clone. The man’s coaching cred is pristine. Exquisite.

But there’s nobody like him. His cronies and proteges won’t succeed just by following orders, because they don’t have his gifts and because head coaches must have their own voices, not be mouthpieces for a GM. Jackson must stop trying to coach from the front office and let the new guy run the court as he sees fit.

What's realistic from Walton in Year 1?

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Murphy: I expect renewed hope and excitement and a faster brand of roundball. Luke has said he’ll bring a free-flowing offensive philosophy that borrows freely from other systems.

“I don’t think the triangle's the most appropriate offense for the players that they have in place right there,” Walton said, per ESPN’s Ethan Strauss. “So I think I'm going to bring more of the style and spacing that we use up here, which has elements of the triangle, that philosophy.”

The young Lakers core can’t wait to get started, and according to Mark Medina of the Los Angeles Daily News have been texting each other daily about it.

“It’ll be fun for us all to get up and down with everybody and sharing the ball,” power forward Julius Randle said. “That’s going to be big for us this year.”

This is the smartest move the Lakers front office has made in years. It’s about building for the future the right way, but it will also bring immediate improvement.

Will the Knicks go after role players or a pricey starter in free agency?

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Peters: On the contrary: pricey role players.

With the salary cap increasing so drastically, everyone will cash in, and the Knicks won't have as much money to throw around as many of their competing suitors. At the moment, they only have a nine-man roster, including two players who could opt out (Derrick Williams and Arron Afflalo).

Of the newly freed 2015-16 Knickerbockers, the front office will no doubt want to tempt Lance Thomas back into the fold, but after the excellent season he had, it will certainly cost more than the $1.65 million they paid last year.

Assuming Afflalo opts out of his last $8 million, I'd love to see the Knicks make a run at Kent Bazemore, who's a great, young two-way wing. The Atlanta Hawks would be foolish not to re-sign him—he’s been in their starting lineup—but he's worth courting.

I'd also like a chance at Toronto Raptors big man Bismack Biyombo, if he opts out of his last $3 million. Biyombo could beef up the defensive intensity and rebounding the Knicks often lose when Robin Lopez and Kristaps Porzingis take breathers. Biyombo’s been reliable for the Raps all season and has stepped up during the playoffs since Jonas Valanciunas went down with an injury.

Those upgrades would make me giddy, but any Knicks fans hoping that "Durant" or other household names will grace the backs of blue-and-orange jerseys are going to be sorely disappointed.

Do the Lakers even have a chance at Durant?

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Murphy: L.A. will go hard after Durant because it makes sense to at least try. Yes, they’re rebuilding, but they also want to win now. A full-court press on the biggest star in free agency sends a signal—this is a team that’s turning over a new leaf.

But there’s no great chance of landing KD, as he’ll want to be with a championship contender.

The Lakers desperately need a starting small forward, and Walton will try to make the case that his Warriors-style offense will be tailor-made for Durant’s floor-stretching, high-volume scoring. It’s also important to start creating a perception that Los Angeles is once again a destination place for top NBA stars.

And with Kobe Bryant retired, a young and coveted coach prowling the sidelines, athletic young players and a boatload of cash to play with, this is a team that could realistically become a lot more attractive—not only to Durant but to all the next-tier players who will be watching the situation closely.

Peters: I have to tell you, your answers and phrases like "young and coveted coach prowling the sidelines" actually have me wanting the Lakers to be good again...and I find this strange and frightening. It's a horrifying change from how I've felt about the Lakers my entire life. What foul wizardry are you working upon me, Murphy?

Murphy: The kind of evil wizardry that ends with Phil gifting us Porzingis. We’ll give you something nice in return?

What's the one thing most important to NY’s success?

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Peters: Oh good heavens, how do I choose? Stability? Talent? Leadership? Identity? Defense? Point guard? Vision?

I'm tempted to say "point guard" and remind Jackson that the first two of his 13 rings were largely due to the efforts of one Walt "Clyde" Frazier—a Hall of Fame PG whose jersey hangs in Madison Square Garden. Since Robin Lopez and Porzingis were added to the lineup, the backcourt is surely the roster's weakness, and I’m not convinced that Tony Wroten (signed but hasn't played yet) will be the answer.

Nevertheless, I think the truer (albeit more boring) answer is "stability." In the past five seasons, the Knicks have had four head coaches and 62 players, only one of which was on the original team (Carmelo Anthony). In comparison, the Spurs have had one head coach and 38 players, eight of which were on the original squad.

If you want your players to adopt a "team first" attitude, then you give them time to build team spirit. If you want your team to learn and perfect a new system, you allow them time to practice it. If you want your team to display a culture of trust and loyalty, then your executives must be trustworthy and loyal, instead of yanking out and tossing aside players and coaches like weeds.

If the Knicks are ever going to meet the Lakers in the Finals again, continuity is key.

How do the Lakers become The Lakers again?

Murphy: The front office drafted well over the past two years, an important first step. But the reconstruction effort was compromised by the decision to hire a throwback coach, Byron Scott.

Perhaps that move was a 180-degree counter-reaction to the Mike D’Antoni experiment—by reverting back to a coach with a Showtime pedigree who also preached the fundamentals. But Scott’s unyielding old-school ways and refusal to adapt to the times was even less successful than D’Antoni’s uncompromising run-and-gun system, imposed on a roster whose major strengths tilted toward a half-court philosophy.

The hope is that Walton brings a new flexibility and freedom and doesn’t feel locked into any one system. Similar to what’s working with Golden State, he'll hopefully mix and match his play-calling in a way that complements the parts he has to work with.

This is a young coach whose strength as a player stemmed from court vision. And now he’ll package energy, creativity, analytics and emerging talent to form an exciting new Lakers brand.

The continuing acquisition of on-court talent has to go hand-in-hand with that type of vision and flexibility. Free agents want to join winning teams. But they also want to have fun on the court.

Years of steadily diminishing returns have cast a pall over Lakers Nation. This latest hiring was analogous to ripping the Band-Aid off. Now the healing and new growth begins, including an environment that beckons to other players.

Salary information courtesy of Spotrac. Follow Sara Peters on Twitter @3FromThe7 and David Murphy @davem234.