The Knicks took on Chauncey Billups at midseason as a \’throw in\’ in the deal that brought Carmelo Anthony to the \’Big Apple\’ but they ended up getting a very valuable playmaker that provides valuable veteran leadership in their backcourt. On Wednesday, they \’put their money where their mouth is\’ and picked up Billups\’ option for the 2011-2012 NBA season. The Knicks had the opportunity to buy out his contract for $3.7 million but with the option will pay Billups $14.2 million for next year.

Billups missed the last three games of the playoffs with a strained knee tendon, but during the regular season averaged 17.5 points and 5.5 assists in 21 games for the New York Knicks. New York\’s President of Basketball Operations Donnie Walsh had copious praise for Billups in announcing the decision to pick up his option:

\”Chauncey, Amare and Carmello are a great nucleus, as we continue to look to improve our team going into the offseason. Chauncey is an extremely talented and experienced point guard — we are very happy to have him back.\”

Billups insists that he\’s got a lot of life left in his career and plans on coming in to camp lighter next season:

\”My body has been great. I\’m 34, not 39. My first five years I didn\’t play that much anyway, unfortunately, but my body is fine.\”

Billups will get to 35 years old in September and is a 15 year NBA veteran and a five-time All Star. He said he was motivated by the Knicks\’ sweep at the hands of the Boston Celtics to return to New York for another season:

\”Getting swept in the first round, I don\’t do this. This is not fine with me, so I like to play later in the season, I want an opportunity.\”

The next off season question for the Knicks that has to be answered is the future of the man who built the current Knicks\’ roster-Donnie Walsh\’s contract expires on June 30 and he\’s got a team option on the fourth year of his deal. There have been rumors that the team is prepared to offer him a two year extension on that contract. Walsh is scheduled to meet with Madison Square Garden CEO James Dolan later this week, and no formal announcement on his future is expected before that takes place. With Walsh\’s status among the Knicks\’ faithful at a high point after the acquisition of Carmelo Anthony and Amare Stoudemire, this would be a tough time for the team to cut him loose.